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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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The Oil Drum: Rig Prices, Rig Depth, and How to Get a Job
Production; Extraction; Explorationprofgoose writes: One of our oil industry insiders has sent us some interesting data on rig rates, well type/depth changes, and more on the oil situation in the GOM, as well as how the industry in Texas and the GOM is staffing its rigs. Lots of interesting stuff under the fold.

Much more after the jump to The Oil Drum.
Posted on Friday, March 31 @ 08:18:04 PST by Leanan
 
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Does Thermal Depolymerization Solve the Problem of Peak Oil?

 
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