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World needs four new Saudi Arabias, warns IEA
Fresh sources of oil equivalent to the output of four Saudi Arabias will have to be found simply to maintain present levels of supply by 2030, one of the world's leading energy experts has said. Fatih Birol, chief economist of the International Energy Agency (IEA), the developed world's energy watchdog, told The Times that the depletion of existing oilfields meant that vast new investments would be required to satisfy the demand for oil. Read more (http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article5133757.ece)
After the credit crunch, the oil crunch: watchdog warns over falling supplies
The International Energy Agency is to call today for an energy revolution and a major de-carbonisation of global Read more (http://www.guardian.co.uk/business/2008/nov/12/oil-gas-companies-credit-crunch)
UK experts give blackouts warning
Energy experts questioned by BBC News are warning that this country will face an unacceptable risk of major blackouts in less than 10 years unless policy is radically improved. They say the government is to blame because it has dithered over policies vital to energy security and climate security. Read more (http://news.bbc.co.uk/today/hi/today/newsid_7720000/7720229.stm)
Traffic levels fall for first time in decades: Motor firms head for crash
Traffic on Britain's roads is decreasing significantly for the first time since the three-day week of the early 1970s, suggesting the car economy is heading for a crash, official figures revealed yesterday. At the same time, sales of new cars have fallen by 23 per cent and are at their lowest since 1996. The motor industry is suffering across the world, with Volvo, the Swedish giant, selling just 115 heavy trucks over the past few months, compared to 41,970 during the same period last year – a 99.7 per cent fall. Read full article (http://www.independent.co.uk/news/uk/home-news/traffic-levels-fall-for-first-time-in-decades-motor-firms-head-for-crash-1003948.html)
UK Industry Taskforce Sounds Alarm on Peak Oil
On Wednesday 29th October 2008 I attended a press conference at the London Stock Exchange. The meeting was convened by the Industry Taskforce on Peak Oil Energy Security to introduce a new report: The Oil Crunch, securing the UK’s energy future. This is a ground breaking report, not so much for its content as for the companies behind it. Shell's inclusion is a very positive development. These are not a beleaguered small minority of voices but billion dollar, international companies, employing tens of thousands of people sounding the alarm bell. Read full article (http://www.theoildrum.com/node/4724)
* Business * General Motors Global pile-up ahead as US auto industry loses its drive
The Detroit property market and the US car industry are mirror images: both are in freefall. Speculation is mounting that the government is planning a bail-out of the giant 'Detroit Three'. Washington is also said to be trying to engineer a merger of GM and Chrysler as analysts predict that the latter's new owner, private equity firm Cerberus, could pull the plug on it. Without dramatic government intervention, analysts predict all three companies will run out of money some time next year.Read full article (http://www.guardian.co.uk/business/2008/nov/02/ford-general-motors-chrysler-industry)
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