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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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Oil May Fall as Production Rises, Demand Growth Slows, RBS Says
Consumption; Demand; PricesOil, which has dropped 27 percent from the record reached in July, may fall to $45 a barrel by 2011 as output increases and demand growth slows, said Royal Bank of Scotland Plc, the U.K's second-largest lender.


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Posted on Wednesday, January 31 @ 20:55:47 PST by Waegari
 
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