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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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State of the Union: the Advanced Energy Initiative
Public Policy; Political and Legal News
The President has set a national goal of replacing more than 75% of our oil imports from the Middle East by 2025. With America on the verge of breakthroughs in advanced energy technologies, the best way to break the addiction to foreign oil is through new technology. Since 2001, we have spent nearly $10 billion to develop cleaner, cheaper, and more reliable alternative energy sources. Tonight, the President announced the Advanced Energy Initiative, which provides for a 22% increase in clean-energy research at the Department of Energy (DOE).

WhiteHouse.gov
Posted on Tuesday, January 31 @ 18:57:26 PST by admin
 
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Most read story about Public Policy; Political and Legal News:
ARE We Out of Gas Yet?

 
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Re: State of the Union: the Advanced Energy Initiative (Score: 1)
by ElijahJones (megamouth@jujube.com) on Tuesday, January 31 @ 20:00:04 PST
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It was a nice speech.  He only pandered a few times to the religious right.  That's ok they have a right to believe what they like, it's America.  Of note was this statement "addicted to oil."  Noone tried to read between the lines there but if we are going to reduce our dependency on Middle East oil by 75% in 20 years and the Middle East supplies 25% of global daily, Saudi Arabia alone contributing 12%, what does that imply about how hesee the price of oil?  I mean CERA is saying we are about to reach anice lofty plateau and the peak will come somewhere around 2037.  But I thought that SA light was the gold standard of oil, don't Americans want the cheapest highest grade of oil?  The futures market is signalling to us now that many people are afraid that peak will be here soon or is here already.  I think it took guts for Bush to shoot so strongly for the middle tonight but I am afraid its all too little too late.  On the corruption, I would love to be able to feel like isdom is seated in Washington, honesty, integrity.  I have enough challenges of my own to overcome without having to feel insecure about our leadership.  More promises, only time will tell.



Re: State of the Union: the Advanced Energy Initiative (Score: 1)
by Heineken on Tuesday, January 31 @ 20:20:46 PST
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Bush's "addicted to oil" comment didn't take guts.  He's an unpopular lame duck and has little to lose at this point.  Guts would have been shown by his making that remark six years ago, when the writing was just as clearly on the wall.  Instead, Bush was going around then saying that the solution to the oil problem was to use more oil.
The guy is a louse and always has been.  The only event of usefulness in his whole presidency will be his departure of the deeply sullied office.



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