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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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Iraq Oil Infrastructure Losing Billions
Public Policy; Political and Legal NewsGuest writes: Between August and October, Iraq lost $7 billion dollars in potential revenues due to sabotage against the country's oil infrastructure, according to Assem Jihad, spokesman of the Oil Ministry.

An estimated 20 oil wells and pipelines were bombed or set ablaze this month in northern Iraq alone, according to an official of the Northern Company. Iraq has oilfields in the north around Kirkuk and in the south near Basra.

http://news.yahoo.com/news?tmpl=story&u=/ap/20041130/ap_on_re_mi_ea/iraq_oil_under_attack
Posted on Tuesday, November 30 @ 11:27:40 PST by aaron
 
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ARE We Out of Gas Yet?
 
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Re: Iraq Oil Infrastructure Losing Billions (Score: 1)
by ignorad on Tuesday, November 30 @ 12:55:51 PST
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If I was an Iraqi citizen, I'd be doing everything in my power to prevent the theft of oil by the occupiers. This is the human spirit rising up and doing what it should do, even though it perhaps realizes that its actions may bring more tyranny and oppression.

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