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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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Serious spill on large Russian export pipeline
Enviromental Headlines; Climate ChangeNatural Resources Ministry warns of 'environmental catastrophe'

MOSCOW - A serious oil spill has occurred on one of Russia’s largest export pipelines near the border with Ukraine and Belarus, the Natural Resources Ministry said Monday, warning it could cause an environmental disaster.

The ministry said that oil from the pipeline had contaminated local water sources and forests in the western province of Byransk, adding that the spill affected an area of nearly 4 square miles.




“Judging by information reaching the ministry from representatives of environmental organizations ... the consequences of the accident may be an environmental catastrophe in the region,” a ministry statement said.

An official from state pipeline operator OAO Transneft, however, downplayed the spill, saying it had only affected an area of 3,875 square feet and had already been cleaned up.

AP

Posted on Monday, July 31 @ 08:34:46 PDT by Leanan
 
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