The Bullroarer - Friday 27th June 2008
Posted by aeldric on June 27, 2008 - 1:20am in The Oil Drum: Australia/New Zealand
ABC - Oil price, bank jitters hit Wall St
A surging oil price and renewed banking sector jitters have put the skids under global sharemarkets overnight.
Oil futures in New York have topped $US140 a barrel.
NZ Herald - Mark O'Connor: NZ's climate fight on wrong tack
Deer Industry New Zealand is convinced the proposed emissions trading scheme will not make any real difference to climate change as it damages the New Zealand economy. The industry body believes there is a much more pragmatic and meaningful way forward.
[.....]
Deer Industry New Zealand (DINZ) thinks New Zealand is heading down the wrong track by putting so much emphasis on this scheme. To make a real contribution to the mitigation of global climate change, New Zealand should play to its strengths.Although the main source of greenhouse gas emissions is the world's use of fossil fuel, New Zealand's economy relies on agriculture to produce food for the world's consumers. It needs to solve the challenges of methane and nitrous oxide emissions from agriculture.
NZ has some of the world's top pastoral systems scientists. Ground-breaking work is being done by Kiwi scientists, such as the recent mapping of the entire genetic sequence of a microbe which produces methane from the rumen of deer, cattle and sheep.
The Australian - Search for fuel solution
FEDERAL cabinet is considering options to offset the increased cost of petrol under an emissions-trading regime with cuts to the fuel excise, as it struggles with the political and policy challenges of putting a price on carbon.
The Age - Newcrest secures energy for Telfer mine
Newcrest Mining Ltd says it has secured sufficient energy supplies to maintain full production at its Telfer mine in Western Australia following the explosion that disrupted gas supply from Varanus Island earlier this month.
Stuff.co.nz, Aukland - Buses bursting as petrol soars
The soaring price of petrol is triggering an explosion in bus patronage on the North Shore, says councillor Chris Darby.
Scoop.co.nz - Legislation to safeguard ocean ecosystems
[.....]
The legislation will set out a new rules and consents regime for the EEZ. New controls are proposed to manage currently unregulated environmental effects of existing activities (such as disturbance of the seafloor through mining and petroleum activities) and the effects of new activities in the EEZ in future (such as marine farming, energy generation, carbon capture and storage).
ABC - High fuel costs take toll on roo industry
south-west Queensland kangaroo processor says high fuel prices are forcing many roo harvesters to leave the sector.
John Burey from Charleville says he has been forced to almost halve production because he cannot source enough kangaroos.
He says reduced supply will make it harder to maintain export markets.
The Australian - Oil prices soar to record high
Again.
ABC - Nuclear not answer to Australia's energy needs: Rudd
Australia's Prime Minister Kevin Rudd says the country can cope with climate change without resorting to nuclear power.
The former premier of the eastern state of New South Wales, Bob Carr, and Australian Workers Union national secretary, Paul Howes, have both urged Mr Rudd's Labor Party to drop its opposition to nuclear power.
TV NZ - Jet fuel costs push up fares
Pacific Blue says the continuing rise in jet fuel prices is behind its latest fare increase.
Some domestic fares will actually drop as part of a fare review, but others will rise by around 1%. Prices will rise by around 2% on half of its international routes.
Stuff.co.nz - Making cents of green ideas
The key to a sustainable future is convincing people it makes cents, a leading eco-businessman says.
Tom MacKenzie started Energy Mad with friend Chris Mardon four years ago. They got their ecobulb concept so right that their company grew by 2746 per cent last year, taking the Deloitte Fast 50 prize for fastest-growing company.
NZ Herald - Contact seeks consent for $1b wind power project
Contact Energy has filed resource consent applications for its Hauauru ma raki wind farm near Port Waikato.
The project is expected to cost more than $1 billion on around 17,000 hectares of isolated farmland to the south of Port Waikato. The wind farm will produce up to 540 megawatts, enough renewable electricity to power up to 200,000 average houses.
The Australian - Milne: Little done for energy efficiency
LITTLE is being done to boost global energy efficiency as new statistics warn of a 50 per cent growth in emissions, Australian Greens senator Christine Milne says.
The US Government's Energy Information Administration this week issued a significant paper predicting world marketed energy consumption would grow by 50 per cent between 2005 and 2030.
"The demand forecasts in these numbers show that next to nothing is being done worldwide to boost energy efficiency, the cheapest and fastest way to achieve massive cuts in greenhouse emissions," Senator Milne told AAP.
NZ Herald - Brian Fallow: The only good news - it wasn't any worse
[.....]
The production measure of GDP shrank 0.3 per cent, bang on the market consensus, and no surprise at all given the combination of oil and food price shocks, drought and credit crunch buffetting the economy.
The Age - Worst June since 1929
US stocks tumbled, sending the Dow Jones Industrial Average to its worst June since the Great Depression, as record oil prices, credit-market writedowns and a slowing economy threatened to extend a yearlong profit slump.
General Motors, the largest US automaker, plunged the most in three years as Goldman Sachs advised selling the stock and crude rose by $US5 a barrel.
ABC _ Australian shares take a tumble
The Australian share market is struggling after heavy falls overnight in the US on the back of rocketing oil prices, with the brunt borne by banks, insurance and mining heavyweights BHP Billiton and Rio Tinto.
ABC - Air conditioners blamed for proposed price hike
Energy Australia is blaming an increasing number of air conditioners for its application to increase electricity prices for the average home by $100 a year.
The Australian - Hypocrisy blinds Labor nuclear view
NUCLEAR energy has been stalking the Australian Labor Party for a generation.
Only the nation's vast reserves of coal and gas have kept the menace at bay, protecting the party from having to confront the darkest of all ideological divides. That protection has been wiped away by climate change.
Nuclear energy has never been in the game in Australia because it is significantly more expensive than coal- or gas-fired power. But emissions trading and a potentially high price on greenhouse emissions will change all that.Nuclear power stations don't have to do anything, just sit there in the market and wait for the cost of coal and gas to rush past them. Their electricity costs about 50 per cent more than coal but they have no greenhouse emissions, and so are unaffected by a rising carbon price.
Michael Lardelli, people are listening to you:
Smart Company, The Briefing (also appeared in Business Spectator) - The age of oil is over: Kohler
On 31 December 1999, the Dow Jones closed at 11,497. Last night it closed at 11,453. That’s eight and a half years of zero capital growth by the greatest corporations in the Earth’s capitalist headquarters.
[.....]
As I drove to the airport this morning for a flight to Sydney for a few hours, I heard Michael Lardelli, senior lecturer in genetics at the University of Adelaide, talking on Radio National’s Perspective segment. Obviously he’s a genetics expert, not an oil expert, but he plucked at my airport-bound conscience.“If you are listening to me now, then you were born in the “age of oil”. A wondrous time when abundant energy has enabled humanity to work technological miracles. With enough energy we can solve any problem. Need to get to the other side of the world by tomorrow? Just fly! Need to sow and harvest millions of hectares of grain, or move a mountain, or build an island? Our mighty machines will do it for us. Need to drive five kilometres to the shop, or 50km to work? Now where did I put those car keys?”
Oh yes, it’s true. The world’s oil consumption is 85 million barrels a day, or 13.6 billion litres, and rising (entirely because of developing world demand – OECD demand is falling). Production is a bit less, and declining.
My final story today is not, strictly, a Peak Oil story. It is a story that I wish I had read three or four years ago, when I started my food-cropping efforts. Crop rotation for the back-yard gardener:
Otago Daily Times- Your garden: Rotation, rotation, rotation
Vegetables
Crop rotation may sound overly scientific for the ordinary gardener, but it is an important way of getting the most from the vegetable garden and, at the same time, minimise the risk of diseases, such as clubroot in cabbages or basal rot (caused by Fusarium oxysporum) in onions, garlic and leeks.
Finally! Todays World Today on ABC had an extended interview with Bruce Robinson from ASPO where the words "peak oil" were front and centre. Bruce spoke plainly about the problem and summed it up nicely. Lets hope a few politicians were taking notice.
Transcript here:
http://www.abc.net.au/worldtoday/content/2008/s2287879.htm
(There's also a podcast available.)
The interviewer starts sounding really worried. Maybe he was having a personal "Oh Sh*t" moment on national radio...
We seem to be in sync - I just posted the transcript and audio links as a separate post..
The ALP has somehow managed to be half pregnant on nuclear energy, opposing domestic N-power stations Federally while most States encourage uranium mining. As the years go by I think countries which use Australian uranium might sorta do OK while we're burning ever more coal. Could be why Penny Wong is repeating her Liberal predecessor's line that the baby trees are sucking up all the CO2. Meanwhile we dig up vast chunks of the outback and still have a trade deficit.
If Rudd thinks we don't need nukes here's some steps he can take
1) announce a series of benchmarks say years 2010, 2015, 2020 with tough non-recessionary carbon targets even before the baby trees do their bit
2) tell our uranium customers they must cut back so our conscience will be clear.
Re soil rotation I've been transferring wheelbarrow loads of soil between garden beds, aerating and adding compost. Perhaps a discrete pee when the neighbours aren't looking. Apart from bugs I also worry about residual allelopaths eg whether soil used to grow onions should be used on strawberries.
Most states encourage uranium mining ?
Why is the only state with mines SA then ? WA and QLD (http://www.bloomberg.com/apps/news?pid=20601081&sid=aYUDrgSvz6.k&refer=a...) definitely oppose uranium mining and I haven't seen any signs that VIC, NSW or TAS support it...
We don't need nukes - there are cleaner, better and cheaper solutions.
AFAIK only WA and the ACT prohibit uranium mining by law. A nasty crim from the west could have a rap sheet that reads
-grievous bodily harm
-break and enter
-attempted uranium mining.
Consider this; what if we waste a decade saying there are all these squeaky clean alternatives and they don't deliver? That's why I wouldn't worry too much about carbon trading as we will remain coal dependent til the very end.
Boof, you're never going to get Big Gav to say anything positive about nuclear fission, although it certainly is entertaining watching you persist with it.
;-)
The Rudd govt is badmouthing nuclear at the moment, but at least they haven't made it illegal. Sure, government subsidies probably won't be forthcoming from Labor (until Clean Coal is finally proven not to be practical). However, private nuclear investment is possible if the Economics stack up. Switkowski's enquiry concluded that Nuclear would be competitive in Australia with the introduction of "low to moderate" pricing of carbon.
Garnaut's first report is due out next week, so then we'll all know whether a private nuclear industry will be practicable in the land of Oz. (I suspect Big Gav will not be happy with the outcome...)
Disclaimer: I prefer fusion power myself (with the reactor located a nice safe eight light-minutes away at the centre of the Solar System...) but I *have* ridden on Bullet Trains powered by nuclear electricity, and lived to tell the tale.
I've no doubt ridden on several trains powered by nuclear power. I've een passed close by to a number of nuclear power plants.
My objection isn't about nuclear power either not working or being so dangerous that it kills anyone who dare attempt to harness it.
Its simply a matter of what is the "best" solution to our problems.
Nuclear power is another energy generation scheme based on extraction of a finite resource base that produces pollution at every stage of the nuclear fuel cycle.
In that sense its just a variant on the current mess.
If we shift to an all renewable based energy mix then we disepnse with these issues once and for all.
Plus I believe solar power will be much cheaper than nuclear within a decade - and may well be already if decommissioning costs are correctly accounted for.
So why waste time trying to return to the 1950's dream of our energy future ?
Gav,
You'll laugh - I just went off using the excellent Google Search Box on the TOD main page to try and deepen my background on this topic, (BTW: Can we have "Search TOD" on the ANZ pages someday please?) and found http://www.theoildrum.com/node/2379.
That post seems to make an excellent case for "Peak Uranium" within 10 years or so, and then when one reads the comments, the level of contradiction is staggering - even to somebody who's seen lots of heated Peak Oil debates!
In fact, looking at the amount of heat, the thought suddenly struck me... Maybe we can generate enough steam out of TOD "Nuclear" bunfights to solve our electricity baseload problem! (Although you'd have to be worried about the related Hot Air emissions...)
;-)
Great article from WorldChanging on the marketing of clean coal - "How clean coal cooks your brain".
I don't usually comment on short term oil price fluctuations, but when a record comes, it comes. Crude oil futures for August delivery in electronic pre-market trading in New York is now at $141.26 so its already up on yesterday's record. Today (Friday) the cost of our crude (Tapis Crude) in Singapore closed at $146.37 - the highest close ever. This is up about 6% on the day, just when the establishment is starting to seriously think it cannot go much higher (although there are mounting predictions of higher prices such as OPEC's call of $170 in the last few days). Tapis has been sitting around $140 for a few weeks now, so todays jump is significant. Expect another jump in the bowser price in 9-12 days here should this price be maintained.
You can check the latest Tapis price (and other international oil benchmarks here: Upstream online
I attended the informal meeting at the Municipal Association of Victoria's Peak Oil Taskforce yesterday - and yes, they have one, though I understand that politically, the notion of Peak Oil is still relatively difficult due to the business as usual implications, so that's why its 'informal'. Despite the MAV not having a formal position on PO, they are helping none-the-less get the council's taking which is brilliant. The effects of PO will be concentrated locally so there is a world of work to be done here. The Taskforce is a representative group of officers from different councils around Victoria however is not comprehensively represented (we had approximately 7 councils represented there out of 70 odd which is unfortunate, however, the discussion was very good and many actions will come from it. At some stage i'll have a post specifically on the events of, and issues raised from the Taskforce. A thank you to Phil Hart (The Oil Drum, and ASPO-Aust.) and Elliot Fishman (Co-ordinator ASPO-Aust and Director of the Institute of Sensible Transport) for attending, their peak oil update and general comments were most appreciated.
World wide, it is astonishing how fast the broader ground is now moving on energy. Seems like the UK are getting serious on renewables:
UK plans big wind power expansion
I think Rudd's got his hands full at the moment with Carbon Trading planning. Hopefully an announcement or two will come from the Infrastructure Fund much like the one here from UK PM Brown but the impact on rising petrol prices with a carbon 'tax' here (carbon trading scheme) has got to be the hottest political potato for quite some considerable time. Given a few polls published by the Herald Sun recently, it looks like people don't want to pay for carbon offsets through the petrol price which is hardly surprising. The political perils are great, given the unfortunate timing (generally) with Peak Oil but these are the things which characterise the times.
Thanks - look forward to seeing your report.
You are absolutely right !!!
On Saturday, I was amused to see in the Sydney Morning Herald "Business" section online, a ranking of their "top ten stories". Seven of the top ten were essentially part of the *same* Peak Oil story...
...Yes, I think our mainstream media are starting to get the picture! Let's hope some decent decisionmaking starts to flow in the business community.