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Hoarding is exactly what the government is doing right now by filling the SPR, and frankly it's the best thing that could happen. It drives prices up. High prices encourage demand destruction. They also finance new well development. The hoarded oil gives us a buffer to fall back on once shortages become more prevalent. High prices are what we need in order to adapt to what's coming, and the sooner they happen, the better.

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Chalabi Named Iraq Oil Minister
Public Policy; Political and Legal News Iraq's Deputy Prime Minister Ahmad Chalabi has added another hat, and no small chapeau at that: He was named interim oil minister of the war-torn nation.

According to published reports, the incumbent petroleum honcho, Ibrahim Bahr al-Uloum, was given leave amid a spate of sabotage and irksome logistics problems that have all but halted crude exports.



Posted on Friday, December 30 @ 15:39:31 PST by stu
 
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ARE We Out of Gas Yet?
 
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