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ODAC Newsletter - Oct 2

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.

The oil price this week was largely on a downward trajectory despite tensions over Iran’s nuclear program, until Wednesday, when the US posted lower than anticipated stockpile figures. After surging nearly 6%, back over $70/barrel, the price then fell back as weaker than anticipated economic data stoked fears that the US recovery lacks substance. News that the Chinese authorities are to crack down on industrial overcapacity is likely to add weight to concerns that China’s economy too is currently being driven more by stimulus money than genuine demand, which may put further downward pressure on commodity prices.

The Chinese state celebrated 60 years of communist rule this week with news of further progress in securing global oil and gas acquisitions, this time in Kazakhstan and Nigeria. China continues to benefit from its strong cash reserves in a world of tight credit.

The cost of burning fossil fuels was put at $100 billion/year according to a study released by the World Bank this week. That is their estimate for what it will cost for the developing world to adapt to the effects of a warming of 2C in the next 40 years. This may turn out to be a conservative estimate based on a report released this week by the Met Office which warns that without drastic action the world may see a catastrophic rise of 4C by 2060.

Hopes for a deal in Copenhagen were slightly improved this week as President Obama announced that he is to bring in new legislation on greenhouse gas emissions via the Environmental Protection Agency. The move coincided with the publication of a new climate change bill in the US Senate, and news that a number of major companies have withdrawn from the US Chamber of Commerce due its obstructionist stance on measures to tackle climate change. The real task however, of working out how to create a genuinely sustainable global economy in an oil and resource constrained world has as yet barely been acknowledged, let alone begun.

Oil

Crude Oil Declines on Concern U.S. Economic Recovery May Stall

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China's birthday present: More resources

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Chinese oil demand fueling Iranian defiance

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OPEC Oil Output Falls in September, Bloomberg News Survey Shows

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'Brighter days ahead offshore'

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U.S. July oil demand lowest in 13 years: Govt

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Gas

Putin call to Western gas groups shows desperation

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Gazprom to cut 2009 gas output to all-time low

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Uzbekistan restores gas supplies to Tajikistan

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Water worries threaten U.S. push for natural gas

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Natural Gas Feint Means Prices Poised to Plummet 19%

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Nuclear

India plans to cut carbon and fuel poverty with untested nuclear power

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Renewables

Affordable energy is driven by diamond technology

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Biofuels

World biofuel use expected to double by 2015

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Britain's biggest biomass plant gets approval

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UK

UK recovery 'at risk' from £180bn shortfall

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Britons creating 'more emissions'

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EU: carbon policy could leave UK in the dark

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Climate

$100bn a year for climate safety

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Obama hails Senate climate bill

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E.P.A. Moves to Curtail Greenhouse Gas Emissions

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US firms quit Chamber of Commerce over climate change position

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Met Office warns of catastrophic global warming in our lifetimes

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India to launch energy-efficiency trading

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Economy

China vows to crack down on industrial overcapacity

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Global economy expanding says IMF

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