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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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Iraqi Oil Terminal Closed After Attack
Production; Extraction; Exploration

Suicide boat bombings targeting the oil industry have forced the closure of Iraq's biggest terminal, losing the country nearly 1 million barrels a day in exports, the oil minister said Sunday.

Yahoo - AP
Posted on Sunday, April 25 @ 15:34:41 PDT by admin
 
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Re: Iraqi Oil Terminal Closed After Attack (Score: 1)
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