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ODAC Newsletter - July 22

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.

Thirty days on from its decision to release reserve oil stocks, the IEA announced Thursday that it will take no further action for the moment. This, along with positive news from the latest European emergency summit, and signs from Washington that the US may avoid its looming self-inflicted default, saw oil prices strengthen to more than $118/barrel.

While the developed markets spent another week putting metaphorical duct tape on their financial institutions, the developing world continued to drive fuel demand growth. Oil consumption figures from China showed a year on year gain of 7.2%, slower than the increase in the first quarter but still significant growth. China's natural gas consumption doubled over the same period. Meanwhile oil demand in Saudi Arabia has risen 75% in the past 10 years, raising the likelihood that the much relied upon Saudi spare capacity will be consumed domestically and not available to global markets.

As the world's biggest oil consumer, the United States, mud-wrestles in the kind of crazy party politics that can paint the phase out of incandescent light bulbs as an attack on individual liberty, a decision is imminent on whether to approve an extension of the Keystone pipeline. Keystone XL, as it is known, would bring oil from the Canadian tar sands to Texas refineries. The decision will be hard fought, with Canada and the oil industry promoting the project as a stable source of energy from a reliable ally, and opponents stressing higher carbon emissions, extensive water pollution, and significant risk of oil leaks. The case for the opposition has surely been strengthened in recent weeks by leaks at both the Yellowstone river and BP's Alaskan operations, but with oil prices high and an election next year, there will be few politicians with their eyes on any future past 2012.

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Oil

IEA: No Need for Emergency Oil Release Right Now

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Surge in Saudi oil burn adds new demand twist

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China fuel stocks up as demand slows; record gas imports

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Crude Heads for First Weekly Decline in Three Weeks on U.S. Debt Concern

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US panel backs Canadian oil pipeline

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The aftermath of the Yellowstone river oil spill

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BP reports new pipeline leak at Lisburne oilfield in Alaska

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Montana judge rules against transport of giant oilfield equipment

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Cnooc to acquire Opti Canada for $2.1bn

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Minority TNK-BP investors target BP over failed Rosneft deal

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Greenpeace banned from posting occupation photos on Twitter

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Gas

Shell to Exit Natural-Gas Project in Canada

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Medvedev Seeks to Woo Merkel With Gas as Nuclear Plants Close

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Nuclear

Problems at EDF's French nuclear site raise fears of UK energy delays

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Nuclear power plants to get fast-track planning approval

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Biofuels

Biofuel demand in US driving higher food prices, says report

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UK

Renewable energy heating grants available for UK households

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Energy firms plan dozens of new fossil-fuelled power stations

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If it really wants to cut carbon, why is the coalition issuing licences to drill?

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What's the best small-scale renewable heat energy system?

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Energy firms predict "negawatt market" could help keep the lights on

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Climate

Gillard Accelerates Climate Effort; Coal Industry Counters With TV Blitz

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UN security council to consider climate change peacekeeping

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Republicans declare victory for freedom after House votes on lightbulbs

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