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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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Big Three to step-up biofuel effort
Hydrocarbon AlternativesThe Big Three US automotive companies - General Motors, Ford and DaimlerChrysler - have announced plans to double annual production of vehicles capable of running on renewable fuels, to two million cars and trucks, by 2010.

The pledge towards more flex fuel vehicles that can use E85 ethanol or biodiesel came in a letter addressed to Members of Congress from Chrysler Group president and CEO Tom LaSorda, Ford Motor Company chairman and CEO Bill Ford and General Motors chairman and CEO Rick Wagoner.

Automotive Business

Posted on Friday, June 30 @ 03:56:20 PDT by waegari
 
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