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ODAC Newsletter - Aug 14

Welcome to the ODAC Newsletter, a weekly roundup from the Oil Depletion Analysis Centre, the UK registered charity dedicated to raising awareness of peak oil.

In its monthly report the IEA this week revised its oil demand projection for 2010 upwards by 70,000 barrels/day to reflect growing demand in Asia. David Martin an analyst for the agency stated however that “There is not clear evidence yet we have seen the worst [of the recession]." Debate on the recovery continues in the press as commentators interpret the mixed data and extrapolate to what degree any short-term recovery is due to increased economic activity or simply fiscal stimulus spending. The markets were driven by the optimists this week as oil rose above $71/barrel.

In the UK this week, following the release of the Wicks Report on UK energy security, the Financial Times published a response by ODAC patron Jeremy Leggett and his Industry Taskforce on Peak Oil and Energy Security (ITPOES) colleague Will Whitehorn. The article, which warns the government against dismissing peak oil includes this insightful quote - “If we imagine a review of financial security in 2006, the equivalent of the cursory dismissal of peak oil in the Wicks review might have read as follows: “Few authors advocating the toxicity of derivatives take into account factors such as the investment banking industry’s sophisticated treatment of risk, and the extent of the due diligence involved in awarding triple-A investment grading.”” For further detailed commentary on the Wicks report by ODAC trustee Dr. Richard Miller see below.

Should the government , or indeed the opposition, choose to heed these warnings then help is at hand via a report released this week by the All Party Parliamentary Group on Peak Oil & Gas (APPGOPO), & The Lean Economy Connection. The report Tradable Energy Quotas (TEQs): A Policy Framework for Peak Oil and Climate sets out a mechanism by which it would be possible to equitably reduce dependence on fossil fuels and carbon emissions. While TEQs are not a new idea the report sets out the framework of the system with background and benefits. It also addresses DEFRA’s 2008 decision that Personal Carbon Trading was “ahead of its time” and too expensive to implement. Never let it be said that a government would implement something ahead of its time – much better to cobble together a response when the crisis hits!

Disclaimers

Oil

Do not discount the threat of peak oil

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Wicks Report on energy security is fantasy

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Oil Rises for a Second Day on European, U.S. Economic Optimism

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IEA trims 2010 oil demand growth, recovery patchy

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OPEC sees demand for its oil falling further

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China oil and iron ore imports surge

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Mexico gov't doubts mount on Chicontepec oil project

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Monday Manifesto: Christophe de Margerie asks if oil is offering a Total solution

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FSA ready to resist tougher controls on oil trading

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Oil May Fall Below $10 in Next Decade, Prechter Says

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Gas

Turkey Plays Both Sides on Gas Pipelines

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Dmitry Medvedev attacks 'anti-Russian' Ukraine

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Electricity

Carbon capture competition hots up as Shell reveals it is joining ScottishPower's bid

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Chinese electricity use may mislead on economy

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Renewables

UK Government OKs 95-MW Waste-To-Energy Power Plant In Cheshire

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Landfill gas scheme 'worth £2.6m'

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Crown Estate makes most of power struggle

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Food

UK assesses future food security

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UK

Unemployment jumps 220,000 to 2.4m

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Scottish climate policy is hypocritical, contradictory and counter-productive

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Geopolitics

Alarm at US-Colombia troops plan

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Sumitomo in deal with Kazakhstan to supply rare earth minerals

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What do you think? Leave a comment below.

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