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ODAC Newsletter - Aug 20

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.

OPEC followed the IEA this week by revising its monthly oil demand forecast for 2010 and 2011 upwards. OPEC now forecasts an increase of 140,000 barrels to reach 86.56 million barrels per day (bpd) in 2011. This figure is still 1 million bpd shy of the IEA forecast and assumes stable US demand. Growth is anticipated to come from the emerging economies, which was underlined by news this week that China has now overtaken Japan as the second largest economy.

In the aftermath of the Deepwater Horizon disaster in the Gulf of Mexico the Obama administration is to bring in more stringent environmental reviews before issuing new off-shore permits. Oil companies are concerned that the move could result in an unofficial continuation of the drilling moratorium and further damage to the industry. In the meantime controversy continues to rage over the amount of oil left in the gulf from the spill. The final 'kill' of the Macondo well will now probably be delayed until September. The US administration has given permission for BP to replace the blowout preventer and make further pressure checks to the seal.

In the UK this week, as the summer recess continues, the speculation, rumours and public statements about coming cuts and policies continue apace. News that the government is to delay the introduction of an "environmental performance standard" (EPS) for power companies—a flagship green policy—was met with dismay by many this week amid concerns that it could pave the way for new coal plants to be built without carbon capture. Energy Secretary Chris Huhne denied categorically that this would be the case.

In an opinion piece in the Telegraph this week Greg Barker the Climate Change Minister took the opportunity to send out a message of reassurance to investors in renewables and emerging technologies, assuring them that they could expect transparency and 'TLC' from the government despite the difficult economic situation. In the article he described energy security and climate change as two sides of the same coin and also described a changing energy environment which will challenge the dominance of a few large corporations with a move towards a more decentralised system. Stirring stuff. We await the white paper with interest. In the meantime Greg might find a new report from Urban Forum Community Power Empowers interesting bedtime reading.

View our Reports and Resources page

Oil

Oil Falls as Surprise Increase in U.S. Jobless Claims Dims Demand Outlook

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OPEC Raises Its Forecasts for Worldwide Oil Demand for This Year and Next

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Final BP well plug delayed until September-US govt

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BP oil spill: scientists find giant plume of droplets 'missed' by official account

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Drilling Permits for Deep Waters Face New Review

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BP's cash drive

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Florida Weighs Billing BP More Than $1 Billion to Plug Fund Gap

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Rockhopper admits Falklands well is dry

Iraq

Last US combat troops leave Iraq

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Gas

Shell Expects to Spend Up to $50 Billion in Australia

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Boon or bane?

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Coal

Coal-fired power stations win reprieve

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UK needs clean coal for new energy policy - government

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More opencast mine bids 'likely on greenfield sites'

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Nuclear

The reality of nuclear energy is inconsistent with dreams of a renaissance

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Britain is struggling to power the nuclear revolution

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Sheffield Forgemasters' expansion into nuclear power may go ahead if Government loan is approved

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Renewables

Europe shows how local communities can make money from renewables

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Drilling to begin for Cornwall geothermal power plant in 2011

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Plan for first floating wind farm off Scotland

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UK

We have to create a more local, decentralised energy system

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Winter fuel payment cuts to hit millions of pensioners

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Economy

China overtakes Japan as world's second-largest economic power

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Sharp upturn in use of shipping containers

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Event

ASPO-USA 2010 Peak Oil Conference

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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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