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ODAC Newsletter - Sept 25

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 brought warnings on future oil prices and supply from both Andrew Sentance, a member of the Bank of England’s Monetary Policy Committee and Christophe de Margerie, CEO of Total. Mr Sentance used his speech at the British Institute of Energy Economics Sustainable Energy Seminar to warn that energy price volatility is one of the key threats to the future economy. His speech also pointed to supply and demand balance as the likely key cause of the upward movement in oil prices since the mid-2000s. De Margerie, speaking to the BBC warned that a lack of investment now would lead to a shortage by around 2015. He also stated that “the price of oil is at $60-70/barrel, we consider it is not enough to protect our long-term investment”.

Oil prices fell this week in response to higher than anticipated inventories and weak US economic data. Some commentators predict that prices may fall further in the short-term as crude inventories continue to outpace demand. If so, it is only likely to exacerbate existing investment challenges.

World leaders gathered this week at the UN, followed immediately by the G20 meeting in Pittsburgh. The week had been billed as crucial opportunity to build up momentum for action ahead of the Copenhagen Climate Change talks in December. By Thursday despite some eloquent rhetoric about the need to build a future for our children, it had become clear that the real focus is still on short-term economic recovery making it tough to reach a meaningful deal, especially with no US emissions bill in place yet. Add into the mix a coming oil shock which doesn’t even appear to be on the agenda and it is clear that working at the grassroots and local level will be essential to moving away from fossil fuels and building a resilient future.

Link to the ODAC report - Preparing for Peak Oil: Local Authorities and the Energy Crisis
View our Reports and Resources page

Oil

BoE's Andrew Sentance warns Britain's recovery at risk from rising energy prices

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Total issues oil shortage warning

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Oil Industry Sets a Brisk Pace of New Discoveries

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Oil Rises as Traders Purchase After Biggest Drop in Two Months

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Saudi oil minister says no need for OPEC cuts in 2010

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Saudi Aramco Sees Idle Oil Fields Through 2010 on Weak Demand

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Obama to press G20 leaders to cut fossil fuel subsidies that benefit big business

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British companies poised to cash in after Kurdish dispute with Norwegian oil producer

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Gas

Ceres Power closer to mass production

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Renewables

UK launches £22m wave energy fund

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Power firm generates investment

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Google plans new mirror for cheaper solar power

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Biofuels

'UK's first' landfill gas-powered collection vehicle unveiled

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Pig muck to be turned into power

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UK

Bank says recovery could prove a false dawn

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Tanker drivers threaten to strike over BP outsourcing

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Climate

Recession and policies cut carbon

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We will back a global deal to cut emissions, says Obama

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Can China make a great green leap forward?

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Geopolitics

Has America reached the turning point in Afghanistan?

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Lula Defends Ahmadinejad’s Nuclear Goal, Plans Visit to Iran

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Russia says it will join sanctions against Iran

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Transport

Airlines plan 'to cut emissions'

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Shipping groups back trading scheme

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Electric vans are a viable cleantech alternative

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