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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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Coal May Surpass Oil as Better Bet on Demand for Cheaper Fuel
Production; Extraction; ExplorationCoal, the hard, black byproduct of fossilized plants used as fuel since China's Western Han dynasty 2000 years ago, may overtake oil as the best performing energy investment. That, at least, is the emerging consensus from a diversity of speculators, investors and giant corporations including Wilbur Ross, the billionaire bankruptcy specialist, BHP Billiton Plc, the world's largest mining company, and Merrill Lynch & Co., the third-largest U.S. securities firm.


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Posted on Monday, July 31 @ 03:39:30 PDT by Waegari
 
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Does Thermal Depolymerization Solve the Problem of Peak Oil?
 
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