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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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Saudi Arabia to Raise Oil Capacity to Ease Concerns
Consumption; Demand; Pricesstu writes: Saudi Arabia, the world's largest oil exporter, plans to expand output capacity by 14 percent to ease concern of potential shortages, said the nation's oil minister, Ali al-Naimi.



http://quote.bloomberg.com/apps/news?pid=10000006&sid=aX4XGZDY9ljI&refer=home
Posted on Monday, November 29 @ 04:28:33 PST by aaron
 
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Re: Saudi Arabia to Raise Oil Capacity to Ease Concerns (Score: 1)
by julianj (big_ouch@planetearth.org) on Monday, November 29 @ 06:23:02 PST
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I hope I'm not alone in finding these Saudi statements hysterically funny?

As well as a load of S**te

Re: Saudi Arabia to Raise Oil Capacity to Ease Concerns (Score: 1)
by clv101 on Monday, November 29 @ 07:08:35 PST
(User Info | Send a Message) http://www.vitaltrivia.co.uk
Can someone post a link to SA monthly production for the last 18 months or so... is this information available? It would be interesting to compare this with the various press releases over the same period.

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