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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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Oluf Ulseth, Norway's Deputy Minister of Petroleum Mentions Norway's Oil Peak
Geology; Reserves; Oil FieldsNTBKtrader writes: "From what we see now we are about to peak on oil," Ulseth said of Norway's 3.2 million barrels a day of crude output.

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Posted on Thursday, October 28 @ 08:29:46 PDT by admin
 
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Re: Oluf Ulseth, Norway (Score: 1)
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