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ODAC Newsletter - Sept 18

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.

This week saw further oil discoveries in the Santos Basin and off the coast of Ghana, extending a run of sizeable finds in recent weeks. Following much breathless reporting of such discoveries, it was good to them put into context by solid analysis from Morgan Stanley and Bank Macquarie, who both predicted a tightening of global oil supplies around 2012. The Macquarie report The Big Oil Picture: We're not running out, but that doesn't mean we'll have enough apparently has peak oil occurring in 2009. All this follows last week’s comments from Total boss Christophe de Margerie suggesting a crisis around 2014/15.

This week saw a bonanza of reporting about the anniversary of the Lehman’s crash, but there was no song and dance about another significant anniversary. It is now a year since the UK government responded to a petition about the UK energy supply by claiming there would be no peak in global oil production until at least 2030. In response to a separate Freedom of Information enquiry from journalist George Monbiot, the government has declared there is no need even to conduct a risk assessment that peak oil might occur before 2020. The Wicks report on energy security released this year was equally dismissive.

As the UK political parties shape up for next year’s general election, the inconvenient truth of peak oil seems likely to remain off the agenda. As yet, the oil shock and seismic economic events of 2008/9 appear to have brought little in the way of new approaches from the UK political mainstream. Perhaps they should take leaf from Monsieur Sarkozy, who this week unveiled a plan for changing the measures of economic success to include quality of life indicators rather than pure GDP. The report may not offer any magic solutions, but it at least seeks to shift the debate.

View our Reports and Resources page

Economy

Wheel of fortune turns as China outdoes west

Oil

Peak oil expected in 2009: Macquarie

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Supply constraints to push oil up to $105 a barrel by 2012

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Oil strikes not enough to quench demand

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Oil Trades Near $72 After Supplies Drop to Lowest Since January

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China in huge Venezuela oil deal

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Nigerian Rebel Group Extends Cease-Fire by 30 Days

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Europe fears winter energy crisis as Russia tightens grip on oil supplies

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Oil giants zero in on untapped Greenland

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Speculators and the oil price : Data drilling

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Gas

Chevron approves $37bn Gorgon project

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Gazprom sees Ukraine gas 'risk' next year: Miller

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Government pushes for non-Russian gas supplies

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Nuclear

Rolls-Royce set for key role in UK nuclear project

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Renewables

Green energy needs to be as common as a mobile phone

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UK

Ed Miliband announces boost for green jobs

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No power cuts danger - Miliband

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Climate

World Bank spends billions on coal-fired power stations despite own warnings

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Chinese government adviser warns that 2C global warming target is unrealistic

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US planning to weaken Copenhagen climate deal, Europe warns

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Transport

Germany to create national hydrogen fuel network by 2015

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Renault’s Ghosn Says Future of Electric Autos Hinges on $70 Oil

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Revealed: The ghost fleet of the recession

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Economy

The Sarkozy and Stiglitz: A New Way to Grow

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Fed and Bank chiefs signal the end of recession on both sides of the Atlantic

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Unemployment hits 14-year high of 2.47 million

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Wheel of fortune turns as China outdoes west

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