" />
Building a world of
resilient communities.

MAIN LIST

 

ODAC Newsletter - 19 Aug

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.

Markets plunged again on Thursday as warnings of a double dip recession grow louder. Morgan Stanley described the eurozone and the US as "dangerously close to a recession". Yet oil prices have softened only slightly, and Brent crude remains above $105/barrel.

The impact of persistently high oil prices on the economy, while largely squeezed out of headlines by the debt crisis, is acknowledged by analysts. Merrill Lynch for example warned earlier in the month that "...the last two times that energy as a share of global GDP neared 9%, basically the current level, the world economy experienced severe crises: the double dip recession of the 1980s and the Great Recession of 2008."

To read the latest issue of Foreign Policy Journal, you would be excused for thinking that all of this is yesterday's news, and that the all-conquering-all-American oil and gas industry is about to ride over the hill and save the day. But the article is shot through with important omissions: it fails to mention the inconvenient fact that global decline rates are so steep that much of this new oil will only replace lost production; and it avoids discussing the cost of wringing oil out of rock or from under miles of ocean as compared to the onshore oil fields on which the oil age was built.

The environmental cost of off-shore drilling was in the news again this week as a leak at Shell's Gannet oil field caused the worst North Sea spill this decade. The leak comes on the heels of Shell's admission of liability this month for Niger Delta oil spills, and a year after the UK Health and Safety Executive warned of a marked rise in the type of incidents which could be "potential precursors to a major incident" (see Sharp increase reported in UK oil leaks). An increasingly desperate search for hydrocarbons against the backdrop of economic decline bodes ill for the environment, which is - lest we forget - where we live.

Oil

Crude Oil Heads for Fourth Weekly Drop as Brent Premium Widens to Record

Back to top

The Americas, Not the Middle East, Will Be the World Capital of Energy

Back to top

Saudi oil exports rise in June to highest level since 2008

Back to top

Shell says lots of oil still in leaking pipeline

Back to top

China pushes ConocoPhillips to contain oil spill by end of Aug

Back to top

As Oil Spiked, Many Traded

Back to top

Judge Strikes Down U.S. Drilling Policy

Back to top

BP says it cannot find skilled workers

Back to top

Gas

New York Subpoenas Energy Firms

Back to top

Energy Companies Cope With Decline in Natural-Gas Imports

Back to top

Iraq, Shell Eye Gas Windfall

Back to top

Coal

Coal Hits a Tough Vein as Costs Rise

Back to top

Nuclear

The explosive truth behind Fukushima's meltdown

Back to top

Japan reopens first nuclear reactor since tsunami

Back to top

Biofuels

Barack Obama bets on next generation of biofuels industry

Back to top

GM corn being developed for fuel instead of food

Back to top

UK

Electricity bills could rise by £13 a year to fund infrastructure expansion

Back to top

Vestas: new wind turbine factory will create 2,000 UK jobs

Back to top

Smaller rivals turn up the heat on energy's 'Big Six'

Back to top

Economy

US and eurozone 'dangerously close to a recession'

Back to top

Oil not Wall Street is top US threat

Back to top

How much of our economic woes are caused by oil?

Back to top

Transport

Historic canal reborn as low-carbon cargo route

Back to top

The end of the road for motormania

Back to top

Solar Power For Trains Dawns In Rainy Belgium

Back to top

What do you think? Leave a comment below.

Sign up for regular Resilience bulletins direct to your email.

Take action!  

Make connections via our GROUPS page.
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.


The Emerging Iranian-Turkish Energy Partnership

The differences in energy outlooks between Tehran and Ankara have created a …

The Ukraine conflict, peak cheap gas and the MH17 tragedy

The number of countries with fossil fuel conflicts and wars is increasing. …

Peak oil notes - July 31

A mid-week update. Crude prices continued to fall this week as markets …

New Russia Sanctions: Washington, Delusional About US Energy Capacity, Lashes Out

The effect of the sanctions will be to speed the Russian decline, forcing up …

Shales vs. solar: An investment perspective

But perhaps the real proof of a new energy paradigm shift lies in the fact …

Peak Oil Review - July 28

A weekly review including Oil and the Global Economy, The Middle East & …

The Changing Face of World Oil Markets

My conclusion is that hundred-dollar oil is here to stay.