ODAC News
Monday 29 Oct
The Oil Depletion Analysis Centre
Economics –
1a/ The sky has already fallen (The Telegraph,
Thu 25 Oct)
1b/ A
catastrophe foretold (International
Herald Tribune [NY Times], Fri 26 Oct)
Oil Prices in Various Currencies
2/ Oil Prices around the
World: Do Exchange Rates Matter? (The
Oil Drum:
Big Oil
3a/ Shell
and BP struggle to dig up returns
(Financial Times, Thu 25 Oct)
3b/ Oil
prices driven by speculation and political tension, says Shell
(Financial Times, Fri 26 Oct)
Fertiliser Prices
4/ Fertiliser
prices jump as planting grows
(Financial Times, Fri 26 Oct)
Albertan Oil and Gas
5/ Alberta to raise oil
sector royalties (Financial Times, Fri 26 Oct)
French Government Policies
6a/ France
goes green with switch from air to rail (The independent, Fri 26 Oct)
6b/ Sarkozy Promises a Green Revolution for France
(Reuters, Fri 26 Oct)
6c/ French
Green Congress Proposes Motorway Freeze (
Gas Production -
7a/ Plans to Speed Up Troll Output Canceled
(Energy Intelligence [International Oil Daily], Mon 22 Oct)
7b/ Europe
Faces Potentially Flatter Norwegian Gas Profile
(Energy Intelligence [World Gas Intelligence], Wed 24 Oct)
8a/ Palm island dredgers running out of sand
(Arabian Business, Thu 11 Oct)
8b/ Dubai
Megaprojects (Gulf News, Ongoing)
8c/ UAE
to court private power investors (Arabian Business, Wed 24 Oct)
8d/ Shanghai
owner aims to buy 'China' on The World
(Arabian Business, Sat 20 Oct)
Quality of Crude Oil Supply
9/ 'Quality' crude oil
supply declining [podcast] (Platts, Thu 25 Oct)
Food Prices (Beer) / Biofuels / Inflation
10a/ Beer
drinkers beware: Shortage to boost costs
(MSNBC, Fri 26 Oct)
10b/ Corn
For Ethanol: An Inflation Crop (CIBC World Markets, Mon 22 Oct)
Nuclear Power
11/ Nuclear
Power Output Could Double by 2030 - IAEA (
Car Sales –
12/ Future
of Russia’s Auto Industry Assured (FC
Novosti, Mon 29 Oct)
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1a/ The sky has already fallen
(The Telegraph, Thu 25 Oct)
http://blogs.telegraph.co.uk/business/ambrosevanspritchard/oct07/skyhasfallen.htm
Comment: Ambrose Evans-Pritchard does
a pretty good job of summarising the economic mess we are in. Not for the feint
hearted or those looking for a hint of good news. Of particular concern is the
suggestion that the fund set up recently by the big four banks in the
Article: Over the last three months we
have seen a rolling collapse of speculative debt and real estate across half
the global economy, yet friends still come over to my desk at the Telegraph,
with that maddening look of commiseration on their faces, and jab: “so when is
the sky going to fall then, eh”?
Well, excuse me. The sky has fallen. The median price
of new homes in the
The slide in existing homes is catching up. They have
come down from $229,200 to $211,700 in three months. (National Association of
Realtors). Yet we have barely begun to see the default hurricane as Teaser
rates contracted in 2005 and 2006 on floating mortgages kick up venomously over
the winter, peaking around in the Spring of 2008.
...
The US dollar has fallen below parity with the
Canadian Loonie for the first time since 1976, and to
all-time lows on the global dollar index.
... All it will take now for a full-fledged rout is a
move by the Saudi and
And for good measure, the Bank of England has just
warned in its Financial Stability Report that lenders are still in
serious trouble, that there is a risk of commercial property crash, and
that equities are “particularly vulnerable” to a downturn. It is said there may
well be a repeat of the summer crisis, “potentially on an even larger scale.”
... Some $370bn still needs to be rolled over, and
there lies the rub. The strong suspicion is that Hank Paulson’s $75bn SIV
rescue for the big four US banks is intended to cover up the problem by feeding
out losses slowly, rather than allowing firesales to
cause a cascade.
... In any case, the Paulson Super-Siv
has failed to calm the horses. “This rescue has back-fired. The central banks
don’t want anything to do with it. There is a fear that the big four US banks
are trying to hide their debts,” said Hans Redeker,
currency chief at BNP Paribas.
... Spare me the mantra that the “fundamentals” are
sound. Credit is the ultimate fundamental.
Woe betide Wall Street if the Fed fails to slash rates
dramatically over the Winter, starting on October 31.
Woe betide the dollar if it does.
1b/ A catastrophe foretold (International
Herald Tribune [NY Times], Fri 26 Oct)
http://www.iht.com/articles/2007/10/26/opinion/edkrugman.php?WT.mc_id=newsalert
Comment: Paul Krugman
on the
Article: 'Increased subprime lending
has been associated with higher levels of delinquency, foreclosure and, in some
cases, abusive lending practices." So declared Edward M. Gramlich, a Federal Reserve official.
These days a lot of people are saying things like that
about subprime loans - mortgages issued to buyers who don't meet the normal
financial criteria for a home loan. But here's the thing: Gramlich
said those words in May 2004.
And it wasn't his first warning. In his last book, Gramlich, who recently died of cancer, revealed that he
tried to get Alan Greenspan to increase oversight of subprime lending as early
as 2000, but got nowhere.
So why was nothing done to avert the subprime fiasco?
Before I try to answer that question, there are a few
things you should know.
First, the situation for both borrowers and investors
looks increasingly dire.
A new report from Congress' Joint Economic Committee
predicts that there will be 2 million foreclosures on subprime mortgages by the
end of next year. That's 2 million American families facing the humiliation and
financial pain of losing their homes.
... Second, much if not most of the subprime lending
that is now going so catastrophically bad took place after it was clear to many
of us that there was a serious housing bubble, and after people like Gramlich had issued public warnings about the subprime
situation.
... So, once again, why was nothing done to head off
this disaster? The answer is ideology.
In a paper presented just before his death, Gramlich wrote that "the subprime market was the Wild
West. Over half the mortgage loans were made by independent lenders without any
federal supervision." What he didn't mention was that this was the way the
laissez-faire ideologues ruling Washington - a group that very much included
Greenspan - wanted it. They were and are men who believe that government is
always the problem, never the solution, that regulation is always a bad thing.
... In his final paper, Gramlich
stressed the extent to which unregulated lending is prone to the "abusive
lending practices" he mentioned in his 2004 warning. The fact is that many
borrowers are ill-equipped to make judgments about "exotic" loans,
like subprime loans that offer a low initial "teaser" rate that
suddenly jumps after two years, and that include prepayment penalties
preventing the borrowers from undoing their mistakes.
Yet such loans were primarily offered to those least
able to evaluate them. "Why are the most risky loan products sold to the
least sophisticated borrowers?" Gramlich asked.
"The question answers itself - the least sophisticated borrowers are
probably duped into taking these products." And "the predictable
result was carnage."...
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2/ Oil Prices around the World: Do Exchange Rates Matter?
(The Oil Drum:
http://europe.theoildrum.com/node/3106#more
Comment: Luís de Sousa gives a summary
of how oil prices have changed against several currencies Jan 2006 – now, using
colourful, easy-to-read charts.
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3a/ Shell and BP struggle to dig up returns
(Financial Times, Thu 25 Oct)
http://www.ft.com/cms/s/0/db4252d8-832d-11dc-b042-0000779fd2ac,s01=1,stream=FTSynd.html
Article: Shell’s drop in third-quarter
profits follows a trend seen elsewhere in the global oil and gas industry.
In spite of record oil prices, the major
multinationals are struggling to book growth in profits, taking hits in their
refining divisions or facing industry-wide cost pressures and delays to
important new oil and gas projects.
John S Herold, an oil and
gas research firm, and industry advisory group Harrison Lovegrove
recently estimated that spending by the 228 global oil and gas companies
increased 45 per cent to $401bn in 2006 but they generated only a 2 per cent
increase in reserve volumes to 263bn barrels of oil equivalent.
The majors are still recording multibillion-dollar
profits, but not at the levels they enjoyed before cost inflation took off.
BP’s announcement this week of a 45 per cent reduction
in third-quarter replacement cost profits was followed by drops in earnings at
ConocoPhillips. And analysts predict similar gloomy news for Exxon’s results
next week.
At both Shell and BP,
... BP is similarly bullish about production plans. It
told investors this week that revenue streams and production figures were
expected to increase now projects that had long been delayed were due on
stream.
But it, too, has had to look away from its traditional
assets, and this week announced job cuts in the
“Both companies are in a mode where they have to go to
parts of the world to get new growth, moving on from old assets. The challenge
is looking at delivering very complicated projects in the non-OECD world,” says
James Neale, an analyst at Citigroup.
Both companies can also expect to take hits in the
years to come when production-sharing contracts hit maturity and they have to
begin to split profits with the host countries that the projects are in.
But in the meantime, Shell may be facing more
immediate problems.
The provincial government in
3b/ Oil prices driven by speculation and political tension, says Shell
(Financial Times, Fri 26 Oct)
http://search.ft.com/nonFtArticle?id=071026000117&ct=0
Comment: Shell seem to have taken over
the driving seat of trying to debunk Peak Oil. No mention of demand
outstripping supply, and OECD crude oil stocks falling, for the last 6 months
or so, as we enter the busiest time of year for oil consumption. Shell CEO Jeroen van der Veer has recently
taken to telling us that there are up to 20 trillion barrels of oil left.
Article: Royal Dutch Shell,
The comments by Peter Voser,
chief financial officer, came as the group reported that third-quarter
earnings, on a current cost of supply basis, had fallen 8 per cent to $6.39bn
as a result of lower refining margins and sales volumes.
But record high oil prices meant that profit
attributable to shareholders rose 16 per cent to $6.916bn.
"The price seems to be driven by some speculation
and also has a political premium in it rather than actually some of the
fundamental drivers," Mr Voser said at a news
conference.
... Some analysts said that the results were buoyed by
Shell's corporate line, which saw $413m in earnings, reflecting higher
insurance underwriting income, improved interest income and favourable foreign
exchange movements. This has raised questions about whether core operations
will be able to ride out some of the geopolitical and market conditions
surrounding the oil and gas industry.
Shell expects to revive production from complex
operations including a gas-to-liquids plant in
**********************************************************************************************************
4/ Fertiliser prices jump as planting grows
(Financial Times, Fri 26 Oct)
http://www.ft.com/cms/s/0/d3e48f8e-8359-11dc-b042-0000779fd2ac,s01=1,stream=FTSynd.html
Article: Fertiliser prices have surged
this week to the highest level in at least a decade as farmers in Europe and
The prices of fertilisers have gone up by 50 per cent
in the past year and will add significantly to farmers’ costs, helping to
sustain record agricultural commodities prices, analysts said.
The elimination of a European Union rule requiring
farmers to set aside as fallow 10 per cent of their land has also increased the
amount of arable land and the demand for fertilisers.
... The start of the northern hemisphere planting
season in the next few weeks has pushed the price of nitrogen fertilisers, the
most widely used kind, to $320 a tonne. This is up 47 per cent on the year.
Phosphate fertiliser prices have increased to about $470 a tonne, up 67 per
cent in the past 12 months...
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5/
http://search.ft.com/nonFtArticle?id=071026000194&ct=0
Comment: There have been various
articles discussing the knock on effects of the increase in royalties with
respect to future oil and gas production, all negative. Higher royalties =
lower incentive to invest in new oil and gas production, apparently. Lower oil
and gas production now means more later, and royalties are spread out into the
future:
“Several companies had threatened to curtail or even
withdraw investment if the government went through with the royalty increases
and will have to decide now how to proceed.”
Where exactly do they (“Several companies”) intend to
go to with their cash? Invest in buying back more of their own shares?
Article: The Canadian
The decision surprised some in the industry, given the
importance of energy to
The new royalty regime includes a sliding scale
implemented for oil sands royalty rates, ranging from 1 per cent to 9 per cent
imposed before companies make a profit, and between 25 per cent and 40 per cent
after they make a profit, depending on the price of oil.
"Future generations of Albertans will receive a
fair share from the development of their resources,'' said Ed Stelmach, state premier.
He used 2010 as a benchmark to show how much the
changes would bring
... Several companies had threatened to curtail or
even withdraw investment if the government went through with the royalty
increases and will have to decide now how to proceed.
**********************************************************************************************************
6a/ France goes green with switch from air to rail
(The independent, Fri 26 Oct)
http://news.independent.co.uk/europe/article3098886.ece
Comment: A rare good-news story. The
French president looks as though he is making serious moves in the right
direction. Whether or not he actually does / can time will tell. In this
article The Independent does some analysis of its own, instead of the usual
just reporting what was actually said, and in this case points out a few
contradictions in French policy.
Article: President Nicolas Sarkozy last night declared a "green" French
revolution which will cut the nation's energy consumption and carbon emissions,
reduce road and air transport and promote organic farming.
He was speaking after a two-day national conference
intended to place
The outcome of the conference was mixed: radical in
some areas but timid and mealy-mouthed in others. There was a pledge to sharply
reduce
But the conference, under severe pressure from
farmers, ditched plans to impose a sharp reduction in
M. Sarkozy, nonetheless,
hailed the meeting as an "important moment" in a shift away from a
"production and consumer" society to a world which rejected
"waste" and accepted the need to defend the "future of the
planet".
He promised to implement all the agreements reached
over two days by a conference of politicians, employers, trades unions,
ecological pressure groups and farmers – claimed to be the first meeting of its
kind in the world.
... In this, and several other areas, M. Sarkozy's relatively recent conversion to green politics appeared
to conflict with his other statements and priorities. In a speech in July, M. Sarkozy promised French farmers that he would push for a
"high production" agricultural model in
The conference agreed a new tax on lorries on
non-motorway roads and promised a shift from road transport to railways and
canals (including 3,000 miles of high-speed railways in the next 23 years). At
the same time, the French state railways, the SNCF, has just announced a
winding-down of part of its freight operations...
6b/ Sarkozy Promises a Green Revolution
for
Comment: Same story from Reuters:
“… and asked the agriculture minister to look at
halving the use of farm pesticides "if possible" in 10 years.”
This is the sort of policy we need to tackle Peak Oil,
but according to item 6a was shelved.
Article: President Nicolas Sarkozy promised a green revolution on Thursday, unveiling
a mix of tax measures and investment pledges that he said would put
... The congress was one of the highest profile green
initiatives ever launched in
The French president pledged investments to improve
energy efficiency in buildings, as well as measures to encourage greener
vehicles in a package that was welcomed by
... Sarkozy said he would
order the suspension of commercial cultivation of crops genetically modified to
repel pests, pending a wider study and asked the agriculture minister to look
at halving the use of farm pesticides "if possible" in 10 years.
Further consultations will be held before the end of
the year and parliament is expected to legislate in the first half of next
year...
6c/ French Green Congress Proposes Motorway Freeze
(
http://www.planetark.com/dailynewsstory.cfm/newsid/44990/story.htm
Comment: Same story with a more
impressive headline and more background information.
Article: A freeze on new motorway and
airport construction and a special tax on heavy trucks are among measures
proposed by a special congress set up by President Nicolas Sarkozy
to reshape French environmental policy. Other suggestions included a labelling
system to identify heavily polluting private vehicles and measures to improve
building energy efficiency and support organic farming.
The congress also recommends that
Two days of roundtable discussions on Wednesday and
Thursday will wrap up three months of work by six panels tasked with providing
recommendations in areas ranging from biodiversity to to
building regulations.
Many of the measures focus on road transport, with the
aim of cutting greenhouse gas emissions from the roads by 22 percent by 2020.
Environment Minister Jean-Louis Borloo wants to take
transiting heavy freight vehicles off French motorways and plans two major
freight rail routes over the coming five years.
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7a/ Plans to Speed Up Troll Output Canceled
(Energy Intelligence [International Oil Daily], Mon 22 Oct)
No link. From newsletter.
Article: The Norwegian government
Friday pulled the plug on StatoilHydro's plans to
accelerate gas output from the massive North Sea Troll field, saying it would
not approve the development because it may harm oil production from the field.
7b/
No link. From newsletter.
Comment: Energy Intelligence hinting
that fast growth in Norwegian gas output may now be history.
Article: By pulling the plug on StatoilHydro's plans to accelerate gas output from the
massive North Sea Troll field, the Norwegian government has also buried
planning for a new gas pipeline to European markets. Near simultaneous shipping
of
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8a/ Palm island dredgers running out of sand
(Arabian Business, Thu 11 Oct)
http://www.arabianbusiness.com/502020-sands-of-time-running-out-for-nakheel
Comment: Comment from ODAC contact in
the Middle East: “I could not help but laughing at this - Insanity of mega
Island construction -so now its "Peak Sand" even in
Article:
Ali Mansour, Chief Executive
of Palm Jebel Ali, the second biggest of Nakheel’s three palm-shaped islands, said that decisions
will need to be made soon on how to guarantee there is enough sand to finish
the job.
“We have to stay in UAE waters when we dredge up the
sand, and it is a lot more difficult than it was when land reclamation first began,”
Mansour told Time Out Dubai.
... Nakheel is building
three palm-shaped islands off the coast of
Reclamation work on the Palm Jumeirah
has finished, but reclamation on the other projects is still ongoing and the
remaining projects are much better in scale than the Palm Jumeirah.
Only around 20% of land reclamation is complete on the
Palm Deira, reclamation on The World will not be
finished till next year, and Dubai Waterfront - an 8,100-hectare development
made up of seven islands - is in the early stages of reclamation.
The Palm Deira will be the
world's largest man-made island when complete, eight times bigger than the Palm
Jumeirah and five times bigger than the Palm Jebel Ali.
And dredging work has not yet finished on the Palm Jebel Ali either...
8b/
http://www.gulfnews.com/megaprojects/
Comment: Links to very interesting
interactive map showing Dubai’s MegaProjects, a series of investments now
totalling over one trillion (1000 billion, where 1B = 1000 M) dollars, much of
it borrowed money, and dependent on relatively cheap flights bringing in
millions of visitors from Europe and elsewhere. Comment from ODAC contact in
the
“Went to "Cityscape" exhibition last week in
Cityscape is cited as now the largest property
investment exhibition in the world - its exhibition center
is over 1km long and it would take a fit jogger to travel all the isles
in a day - I nearly threw up looking at all the mega projects under
construction or proposed, all of which will require mega energy input to make
habitable ("Solar Oven's in the Sky"). Even
To give an idea of what is happening in
http://archive.gulfnews.com/megaprojects/index.htmln
What this will do to available Oil exports I canot begin to estimate but now believe as someone I noted
on "Oil Drum" that within 5 years available exports from this part of
the world could be cut 50% - its simple arithmetic.”
Article: From a desert oasis to an
international metropolis - Dubai has every right to be dubbed the Gulf's most
exciting city.The emirate is currently engaged in a
multi-billion dollar building phase, which will transform its skyline, add
hundreds of kilometres to its beachfront and push development way out into the
desert. Click on the links above to find out more about each of the main
projects currently taking place in
8c/ UAE to court private power investors
(Arabian Business, Wed 24 Oct)
Comment: “Although no official figures
exist for capacity in the emirates, Transco estimates there is already a
shortfall in supply.” Indeed.
Article: ...
According to the Abu Dhabi Transmission & Dispatch
Co's (Transco) five-year electricity demand forecast,
the smaller northern emirates need 1,343 megawatts of extra capacity by 2012.
Although no official figures exist for capacity in the
emirates, Transco estimates there is already a shortfall in supply.
"They could split up each power generation
element and sell it as an individual company, but the crucial issue is
generation capacity," said Douglas Caskie at
London-based IPA Energy and Water Consulting. "They could amend the laws
to attract private sector generation companies but keeping the existing
structure unchanged."
The power shortage has hit Ras
al-Khaimah the hardest, where rising demand for
natural gas for electricity, industry and construction have forced many companies
to use diesel to generate power or even shut down in the day during the summer.
Fewa sells power
at less than 30% what it costs to produce, or 20 fils
per kilowatt hour compared with 70 fils per kilowatt
hour, according to a Ras al-Khaimah
government official, who did not want to the identified.
"There is no incentive for Fewa
to add capacity or for private companies to buy into it, unless the government
allows it to increase its fees," said the official.
Ras al-Khaimah, the UAE's most northern emirate,
plans to lure investment worth $15 billion by 2009 to develop its tourism and
industrial sectors.
8d/
Comment: ‘The World’ is one of
Article: The Chinese businessman
behind last week's purchase of ‘Shanghai' on Nakheel's
The World, will bid to purchase every one of the six islands that represent
China on the iconic project.
... So far four Chinese developers have bought islands
on The World: in addition to ZIHG, Chinese companies have snapped up
... Prices for islands range from US$15m to US$50m,
but the total cost of developing an island is much higher as the owners are
expected to meet all infrastructure requirements. Around 40% of the 300 islands
that make up The World have been sold so far.
Some of the islands represent countries, while others
represent cities. In August this year, Nakheel
revealed that it had sold the
**********************************************************************************************************
9/ 'Quality' crude oil supply declining
[podcast] (Platts, Thu 25 Oct)
http://www.platts.com/podcasts/news/index2.xml?src=energybulletin
Comment: Interesting 6.5 min podcast
from Platts. The trend from lower quantities of medium-grade crude to higher
quantities of lower-grade crude (as old, good-quality oil fields deplete and
newer, lower-quality oil fields come onstream) means that refineries will need
to be upgraded, equivalent to about 18 Mb/d, over the next few years – I think
the podcast was implying by 2015.
Article: In this podcast Larry Chorn, Platts chief economist, discusses a recent Platts
forecast of declining crude oil supply quality and the impact it may have on refining;
the growing reliance on heavier, sour crudes; and the
growth of US diesel demand relative to Europe.
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10a/ Beer drinkers beware: Shortage to boost costs
(MSNBC, Fri 26 Oct)
http://www.msnbc.msn.com/id/21491206/
Article: Fans of Snipes Mountain
Brewery’s cloudy Hefeweizen relish the subtle wheat flavor of the bright, summery brew, and like beer drinkers
everywhere, they know when their favorite brew tastes
a little too hoppy or bitter.
Connoisseurs could be in for a surprise this year, and
they may not be alone.
Small brewers from
Oh, and one other thing: Beer prices are likely to
climb. How high is anybody’s guess. Craft brewers don’t have the means to hedge
against rising prices, like their industrial rivals.
... Now the bright spot in the brewing industry is
facing mounting costs on nearly every front. Fuel, aluminum
and glass prices have been going up quickly over a period of several years.
Barley and wheat prices have skyrocketed as more farmers plant corn to meet
increasing demand for ethanol, while others plant feed crops to replace acres
lost to corn.
A decade-long oversupply of hops that had forced
farmers to abandon the crop is finally gone and harvests were down this year.
In the
Big brewers can hedge against rising prices for raw
ingredients and can negotiate better, longer-term contracts for ingredients,
while smaller brewers generally are left with whatever is left.
10b/ Corn For Ethanol: An Inflation Crop
(CIBC World Markets, Mon 22 Oct)
http://research.cibcwm.com/economic_public/download/soct07.pdf
(PDF, 775 Kb)
Comment: Latest report from CIBC World
Markets. The text below is from the main report introduction on page 1. The
Corn/Ethanol report is pages 4-7. A quick look at the 9 charts will tell you
everything you need to know. Note that CIBC is also warning of relatively
serious inflation next year (4%), which if the last year is anything to go by
will encourage central banks to keep interest rates high. Inflation is
currently about 10% in
Article: The Fed may still be cutting
interest rates, but markets should brace themselves for some of the hottest
inflation numbers seen this cycle. If energy prices haven’t gotten your
attention then surely food prices have, where inflation is already running well
above 4%. The coincident surges in food and energy price inflation are not
unrelated. The massive policy-mandated diversion of the American corn crop from
animal feed and human consumption to ethanol production has already led to huge
distortions in agricultural prices, and threatens even greater distortions as
land use patterns continue to change.
The tandem soaring of energy and food prices will soon
be in evidence as
Still to come is not only the rise in crude prices to
$100/bbl oil but, equally menacing to gasoline prices, a potential recovery in
refinery margins. The twin impacts could push gasoline prices over $3.50 per
gallon by next year. An even bigger push to headline inflation will come
from another year of soaring food prices, as more of the
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11/ Nuclear Power Output Could Double by 2030 - IAEA
(
http://www.planetark.com/dailynewsstory.cfm/newsid/44992/story.htm
Comment: “Nuclear Power Output Could
Double by 2030” - it could also fall.
Article: The world's output of nuclear
power could nearly double by 2030, fuelled by demand from energy-hungry
emerging economies and fears about security of supply and climate change, the
UN said on Wednesday.
But the share that nuclear energy will contribute to
global electricity production is still set to decline over the same period, the
International Atomic Energy Agency (IAEA) said in its latest annual projection
of growth of nuclear power.
Much of the expansion in nuclear-generated electricity
will be in the far east and south
"
Currently, nuclear generation only accounts for 2
percent of
Of the 31 nuclear power plants currently being built,
16 are in developing countries, mostly
For others nuclear power is more about supply
security.
"In Japan and South Korea the problem is not so
much the booming population as it is the lack of indigenous oil and gas
resources in particular, and so for them nuclear is attractive for energy
security reasons, and also -- particularly in Japan -- for reducing greenhouse
gas emissions," said McDonald.
... But even though nuclear capacity will expand in
absolute terms, its share of all generation will fall because other sources of
electricity will grow faster.
In 1960, nuclear accounted for less than 1 percent of global
electricity production. Its share rose to 16 percent in the mid-eighties and
has kept steady around this level until now.
By 2030, this share is expected to drop to around 13
percent, the IAEA said.
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12/ Future of Russia’s Auto Industry Assured
(FC Novosti, Mon 29 Oct)
http://www.fcinfo.ru/themes/basic/materials-rfcm-index.asp?folder=3352
Article: More than 1.9mn cars were
sold in
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