ODAC Newsletter - 02 April 2010


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.

World Energy ministers met this week in Cancun for the latest session of the International Energy Forum. The meeting resulted in a declaration committing its 66 signatories to an "enhanced global producer-consumer energy dialogue". As if on cue, the oil price reached its highest point in 2010 on Wednesday at over $83/barrel to remind ministers why they were there. Everybody knows it’s good to talk, but it will take more than that to deal with a coming demand/supply imbalance. UK Energy Minister Lord Hunt was quoted as saying "We need a shared understanding of what triggered the volatility of 2008 and 2009. We need the analysis to make sure we do not face the same energy price volatility again." Looks like DECC hasn’t quite got peak oil yet after all.

A blog published this week on Le Monde based on an interview with Glen Sweetnam, a Director at the US Department of Energy, suggested that Washington may accept the idea of a peak in liquid fuels from as early as 2011 followed by an "undulating plateau". Whether this was a factor in President Obama’s energy security speech on Wednesday is difficult to say. The President announced the opening up of selected offshore areas to drilling in order to reduce America’s dependence on "foreign oil" as a necessary measure to support economic growth during a transition to cleaner fuels. The move is seen by many as an olive branch to Republicans in order to revive stalled climate change legislation and would do little to ensure US energy independence.

In the UK this week, as another energy company chief warned of a looming power crunch due to unclear energy policy, the government’s renewables plans got a fillip as Siemen’s became the latest engineering company to announce plans to invest in wind turbine manufacturing or research facilities in the UK. The controversial FiT scheme also came into effect on Thursday which is expected to result in a huge boost to the take-up of PV solar. The risk of a lot of badly installed inefficient solar panels and micro wind turbines on poorly insulated houses has been widely discussed, but the guidelines are also broad enough to allow for the formation of community energy schemes which have the potential to make a big impact on public perception of energy generation.

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Disclaimers

Oil

Energy ministers demand oil market transparency

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China invited to join IEA as oil demand shifts

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Saudi's Al-Naimi 'Hopes' Oil Stays in $70-$80 Per Barrel Range

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Washington considers a decline of world oil production as of 2011

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Obama Announces Expanded Offshore Oil Exploration

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Oil Surges to 17-Month High, Gasoline Rises, on Economic Growth

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BP wins support against oil sands move

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Falklands delivers poor results for Desire Petroleum

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Texas Proposes $10 Billion 'Ike Dike' for Storm-Surge Shield

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Iraq

IHS CERA: Big, But Potentially Limited, Output Growth in Iraq

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Iyad Allawi struggles to turn Iraq election victory into ruling coalition

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Gas

UK to rule out national gas storage to secure supply

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Russians prepare £1bn grab for UK fuel supplies

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Renewables

Big investments boost UK's green sector

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Tesco joins the stampede to supply DIY electricity

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Wealthy landowners make millions in the wind rush

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Biofuels

America's biofuel muddle : Coming up empty

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UK

New regulations on energy efficiency 'mired in confusion'

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Power crunch looms for Britain

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Millions struggle to heat homes as Government misses fuel poverty target

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Objectors claim Heathrow runway victory

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Geopolitics

China supports Barack Obama's call for new Iran sanctions

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Economy

Sell-off in US Treasuries raises sovereign debt fears

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UK economic growth unexpectedly revised up to 0.4%

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Disclaimers

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