The UK government was warned by its own civil servants two years ago that there could be significant negative economic consequences to the UK posed by near-term peak oil energy shortages.Ministers were told it was impossible to know exactly when production might fail to meet supply but when it did there could be global consequences, including civil unrest .Yet ministers consistently played down the threat with the contemporaneous Wicks review into energy security (PDF) effectively dismissing peak oil as alarmist and irrelevant.Read more
Department of Energy and Climate Change consultation acknowledges real risk of significant long-term rises in oil pricesRead more (http://www.businessgreen.com/bg/news/2077627/decc-accepts-warning-rising-peak-oil-risks)or read the DECC report in pptx format (http://www.powerswitch.org.uk/portal/index.php?option=com_content task=edit id=2980 Itemid=1 Returnid=1)
Energy and Climate Change Secretary Chris Huhne yesterday agreed to develop an 'Oil Shock Response Plan', following a meeting with the UK Industry Taskforce on Peak Oil and Energy Security (http://peakoiltaskforce.net/) (ITPOES).Click here for more (http://www.businessgreen.com/bg/news/2072738/exclusive-government-develop-oil-shock-response-plan?WT.rss_f= WT.rss_a=Exclusive%3A+Government+to+develop+Oil+Shock+Response+Plan)
The International Energy Agency states in World Energy Outlook 2010 in no uncertain time that Peak Oil is inevitable, but the timing of the peak will be determined by a combination of government policy and the strength of demand in addition to the more commonly discussed issue of resource constraints. It sees crude oil output hitting an “undulating plateau of around 68-69mbpd by 2020″, while total oil production including unconventional oil and natural gas liquids is expected to peak at around 96mbpd after 2035, under the “new policies scenario.Read more (http://www.iea.org/about/index.asp)
Speculation that government ministers are far more concerned about a future supply crunch than they have admitted has been fuelled by the revelation that they are canvassing views from industry and the scientific community about peak oil .The Department of Energy and Climate Change (DECC) is also refusing to hand over policy documents about peak oil – the point at which oil production reaches its maximum and then declines – under the Freedom of Information (FoI) Act, despite releasing others in which it admits secrecy around the topic is probably not good .Read the original article (http://www.guardian.co.uk/business/2010/aug/22/peak-oil-department-energy-climate-change)
Lord Hunt, the energy (http://www.guardian.co.uk/environment/energy) minister, is to meet industrialists in London tomorrow in a bid to calm mounting fears about the disruption that could follow a sudden shortage of oil (http://www.guardian.co.uk/business/oil) supplies.In a significant policy shift, the government has agreed to undertake more work on whether the UK needs to take action to avoid the massive dislocation that could be caused by the early onset of peak oil – the point that marks the start of terminal decline in global oil production.Read more (http://www.guardian.co.uk/business/2010/mar/21/peak-oil-summit)
Bad news for energy consumers continues to come thick and fast. Bills have more than doubled in the past six years, and could rise a further 25 per cent in the next decade according to a wide-ranging report published yesterday by OfgemRead more (http://www.telegraph.co.uk/finance/newsbysector/energy/7153724/How-long-before-the-lights-go-out.html)
Sir Richard Branson and fellow leading businessmen will warn ministers this week that the world is running out of oil and faces an oil crunch within five years.The founder of the Virgin group, whose rail, airline and travel companies are sensitive to energy prices, will say that the coming crisis could be even more serious than the credit crunch.Read more (http://www.powerswitch.org.uk/portal/mambots/editors/tinymce/Branson warns that oil crunch is coming within five years)
A recently conducted survey of members of the global ‘Peak Oil Community’ has revealed wide-ranging negative expectations for the world in the twenty first century but also optimism on an individual basis. ‘The Global Peak Oil Survey 2009’, carried out by the UK focused peak oil group Powerswitch, consisted of 150 questions on the most controversial areas of discussion around peak oil.
From May to September 2009, PowerSwitch conducted the 'Global Peak Oil Survey 2009'. The initial results are now available to view.Click here to read the Global Peak Oil Survey 2009 results here (http://www.powerswitch.org.uk/portal/images/stories/global_peak_oil_survey/global_peak_oil_survey_2009_results.pdf)
There are some people that aren’t that fussed about food. To them it is merely functional, a fuel that keeps them going that appears in a package or on their plate, and very little time or thought is given to it. I cannot begin to understand that mindset. Food is so much more than merely an energy source – it is often a highly sensuous experience, full of variety and the focal point for wonderful social bonding in many forms. Yes, I love food, always thinking about my next meal and who I will enjoy it with.
The world is heading for a catastrophic energy crunch that could cripple a global economic recovery because most of the major oil fields in the world have passed their peak production, a leading energy economist has warned.Higher oil prices brought on by a rapid increase in demand and a stagnation, or even decline, in supply could blow any recovery off course, said Dr Fatih Birol, the chief economist at the respected International Energy Agency (IEA) in Paris, which is charged with the task of assessing future energy supplies by OECD countries.
One commentator this week advising a longer term view on oil use was European Energy Commissioner Andris Piebalgs. In a piece for his blog he wrote that “It is difficult to forecast when the next oil crisis is going to come. As Nobel Prize Niels Bohr once put it “prediction is very difficult, particularly about the future”. But one thing is certain, one day we are going to run out of oil, and to prepare for that day we may be running out of time.” It appears that Mr Piebalgs view of the situation has altered somewhat since 2006 when he referred to peak oil as “no more than a theory”.Original Article (http://www.odac-info.org/newsletter/2009/05/22)
It has been a week of contradictions. On the one hand the oil price wentthrough the $60/barrel barrier for the first time in 2009 spurred on by lowerthan anticipated US gasoline stocks. On the other the latest IEA forecast wasreleased estimating that 2009 will see the biggest fall in oil demand for 28years . This announcement, along with news from OPEC that the cartel’scompliance  to production quotas was down in April from 82% to 77%, droveprices back down on Wednesday.
Fredrik Nerbrand, head of global strategy at HSBC Private Bank, has the world is nearing the point of Peak Oil , the point when productivity reaches its maximum rate, as reserves continue to decline. He added that recession had made it clear that even under the most depressed economic scenarios there is a shortage of oil. Read more (http://www.wealth-bulletin.com/portfolio/content/1054158955/)
‘The Transition Timeline’ by Shaun Chamberlin is the latest addition to the library of books covering Peak Oil, and Climate Change, while also providing material for those with an interest in the rightly popular Transition Town movement.
Amid the deepening economic gloom, two important remarks about oil almost slipped under the radar this week. First, the government’s former Chief Scientific Advisor, Sir David King, admitted Iraq was all about oil, and went on to say it would probably be the first in a series of resource wars. Second, Christophe de Margerie, CEO of Total, predicted that global oil production will peak at 89 million barrels per day in 2015, barely 3 mb/d higher than 2008 production. Spot the connection, anyone?
The annual CERAWeek conference is usually a relentlessly upbeat affair, but speeches and comments from Houston this week underlined the depth of the oil industry’s dilemma - caught between the urgent need to invest in new projects to offset depletion and the huge fall in revenues due to the plummeting oil price. At current levels production economics are challengingeven for relatively low cost producers such as Statoil - average cost $40/barrel- let alone the more expensive pre-salt or tar sands projects. Read the full newsletter (http://www.odac-info.org/newsletter/2009/02/13)
Approximately 48% of U.S. E P chief financial officers believe that the world has reached its peak petroleum production rate or will reach it within the next few years, while another 52% disagree with that statement, according to a new survey by Chicago-based national professional services firm BDO Seidman LLP. Read more (http://www.oilandgasinvestor.com/Headlines/2009/WebJanuary/item27661.php)