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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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Bodman Sees Up to Three Years of Fuel Pain

Gasoline prices have soared an average of 60 cents a gallon in less than a month because suppliers are unable to keep up with demand, a situation that could persist up to three more years, Energy Secretary Samuel Bodman said Sunday.

Bodman said on NBC’s “Meet the Press” that the shortfall was a sign of a stronger economy under President Bush, but he acknowledged that, at least for now, “the suppliers have lost control of the market.”

MSNBC

Posted on Sunday, April 30 @ 12:53:56 PDT by Carrie

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Re: Bodman Sees Up to Three Years of Fuel Pain (Score: 1)
by ElijahJones (megamouth@jujube.com) on Sunday, April 30 @ 13:12:37 PDT
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I'm glad someone caught that. The high growth in the first quarter was because they are counting reconstruction as new economic activity. And of course the demand is outstriping supply because of the exceptional strength of the economy under President Bush's policies.
I think people just shine it on but that type of disinformation is shameless political spin nothing more. I dare the President to come out and tell the truth about peak oil. To lay it out as plain as the Hirch Report did.
Some people are hoping he won't because if Bush could own an issue like peak oil there is no telling what he might be able to accomplish. I enjoyed the comedy routine by the way, if only more of us could learn to laugh at ourselves.
Hurricane Abilene should be coming soon, and some experts are predicting $4 or even $5 for a gallon of gas. The tension in the air is almost palpated.

Re: Bodman Sees Up to Three Years of Fuel Pain (Score: 1)
by Eddie_lomax on Sunday, April 30 @ 15:37:20 PDT
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More fantasies here by economists who have no grasp of the reality of oil production, everytime a country has peaked its been a surprise to them, now the world looks like it is peaking they're still sitting shrugging it off as it doesn't fit their concept of reality.

Still, we can relax apparently we only have to put up with these high oil prices for three years... :P

Re: Bodman Sees Up to Three Years of Fuel Pain (Score: 1)
by billp on Sunday, April 30 @ 17:10:44 PDT
(User Info | Send a Message) http://www.prosefights.org/

"We need to deal with the long-term problems of technologies that may get us out of this trap," Rice said on ABC's "This Week." "But I can tell you that if anything has surprised me as secretary of state, it is the degree to which the kind of search for hydrocarbons is distorting international politics. That means that the quicker we get about the business of reducing our reliance on oil, the better we're going to be."
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