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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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Record profits put oil firms on tax alert
Public Policy; Political and Legal News
The government will come under further pressure this week to hit oil companies with a windfall tax as the industry reveals gushing profits. American group ExxonMobil will start the ball rolling today when it is expected to announce profits of $24bn - the biggest in American corporate history.

The Guardian
Posted on Sunday, January 30 @ 19:28:01 PST by admin
 
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