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ODAC Newsletter - June 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.

The IEA's latest medium term report on oil and gas presents a rosier outlook than before. The supply-demand balance will be easier than previously forecast, the Agency now says, as continuing economic weakness dampens demand growth, and stronger oil prices encourage more investment in production capacity. But the report hedges its optimism, warning that potential geopolitical eruptions, and ripple effects from the Deepwater Horizon disaster on offshore drilling remain as risks. A report from Barclays Capital this week takes a distinctly different view, predicting that oil demand will hit a new record high this year.

It now looks increasingly likely the Gulf of Mexico disaster will have a significant impact on the wider oil and gas industry. The effects range from the US drilling moratorium to increased exploration and production costs due to stricter safety rules and higher insurance premiums. It also looks as if the disaster will have a knock on effect on public perceptions of the dangers of other forms of fossil fuel extraction.

Until now most of the press around shale gas in the US, has focussed on its purportedly "game changing" impact. This week however saw a highly publicised documentary on the industry Gaslands aired on HBO. The programme reported on pollution issues allegedly caused by 'fracking', which interviewees say has poisoned water sources, caused gas to leak from domestic water taps, and made people ill — although the programme's allegations have been strongly refuted by the industry. The issue was also taken up in a high profile article in Vanity Fair magazine accompanied by an online video. Growing distrust in energy companies precipitated by Deepwater Horizon, could strengthen the hand of environmental campaigners calling for stronger regulations around the industry.

Europe had its own gas scare this week. This one was geopolitical in nature as a row over unpaid bills flared between Gazprom and Belarus. Russia cut gas supplies to Belarus by 60% on Wednesday, sparking fears of a knock-on effect in Europe, as seen during similar disputes with the Ukraine. In the end Belarus paid up, but the threat remains clear.

View our Reports and Resources page

Oil

Judge Won't Stay Drilling Decision

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Judge who overturned drilling bans had shares in the oil industry

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BP Reinstalls Cap on Gulf Oil Leak, Intercept Well on Track

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BP boss hands over control of oil crisis

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Offshore Insurance to Shrink as BP-Like Risks Shunned

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Oil spill: BP reassures over Russian, North Sea assets

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Deepwater oil drilling under scrutiny as Brazil's Petrobas delays flotation

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Oil Trades Below $77 as Equities Drop Renews Growth Concerns

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US politicians oppose 2,000-mile oil sands pipeline

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Peak oil postponed again

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BP Is Pursuing Alaska Drilling Some Call Risky

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Petrostates: What BP spill?

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Gas

Shale gas pollution fears leave Americans with another energy headache

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A Colossal Fracking Mess

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Russia 'to restart' full gas supplies after Belarus row

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Gas imports rule as green supply slows

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Gas power stations 'should have carbon capture'

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China to double natural gas share of energy basket to 8% by 2015

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Nuclear

Greenpeace slams Government 'handouts' for nuclear industry

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IEA backs nuclear in low-carbon race

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UK

Chris Huhne: Belarus gas dispute underlines Britain's desperate need for renewables and nuclear

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Reprieve for Britain's polluting power plants

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UK To Make Major Business Investments For Renewable Energy Projects

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Economy

China unpegs yuan to let it rise again

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Poll Finds Deep Concern About Energy and Economy

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Gold reclaims its currency status as the global system unravels

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Editorial Notes: The Oil Depletion Analysis Centre (ODAC) is an independent, UK-registered educational charity working to raise international public awareness and promote better understanding of the world's oil-depletion problem.

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