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ODAC Newsletter - Mar 5

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.

As Iraqi’s prepare to go to the polls on Sunday the country has been subjected to a month of increased violence including a string of blasts in Baghdad on Thursday targeting early voters which killed at least 14 people. The election, which will decide the next chapter of Iraq’s future, is being keenly watched by the oil industry. The current Al-Maliki government has completed deals to increase production in existing fields with many of the International Oil Companies – a change in the balance of power in Baghdad could however lead to challenges over the validity of the existing contracts which have been drawn up in the absence of an oil law.

In the UK this week, Energy and Climate Secretary Ed Miliband announced a scheme to offer ‘green loans’ to homeowners to make energy efficiency improvements. The scheme links the debt to the property rather than the owner, while offering an extended payback period to ensure that the repayments are smaller than the savings on energy bills. The plan was largely welcomed across the political spectrum and is long overdue.

In another part of the forest, the efficacy and wisdom of the recently announced feed-in-tariffs for domestic electricity generation was the cause of heated debate in the The Guardian this week, as George Monbiot and ODAC patron Jeremy Leggett exchanged salvos. Monbiot rehearsed the domestic-renewables-as-‘eco-bling’ argument, saying that small scale renewables (mostly PV solar) are a waste of money in this country which won’t anyway meet the required need. Leggett countered by disputing his numbers and reiterating the claim of the UK solar industry that putting solar panels on all available building surfaces would generate more electricity in a year, than the entire electricity consumption of the UK.

Oil

Crude Oil Poised for Weekly Gain on Improved Economic Outlook

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Asia buys record volume of W.African oil in Q1

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BP targets $3bn more profit amid oil sands dissent

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Shell defends continued focus on fossil fuel-paper

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RBS accused over funding for tar sands 'blood oil'

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Oil stored at sea could mean bigger problems and prices in future

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Iraq

Bombers Kill Dozens as Iraq Vote Nears

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Iraq's Oil Deals Dominate PM Election

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Gas

BP close to agreeing $200m joint venture

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Nuclear

UK faces struggle to find site for £12bn nuclear waste storage

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Renewables

Are we really going to let ourselves be duped into this solar panel rip-off?

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Solar panels are not fashion accessories

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Japanese solar power groups lift capacity

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Biofuels

Warning biofuel targets may hit oil supply

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Green fuels cause more harm than fossil fuels, according to report

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UK

Ed Miliband unveils 'green loan' energy plan for homes

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Houses with low energy efficiency will lose value in government plans

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Heat From Power Generation Could Trim U.K.’s 2050 Energy Needs

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Britain Grapples With Debt of Greek Proportions

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Climate

Review backs man-made global warming

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EU May Raise Emission Cut to 30% Even Without Global Treaty

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Carbon rules will not spark exodus, says study

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Economy

Carmakers' next crutch: Green subsidies

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Consumerism 'doomed', investment forum told

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