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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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Indian oil firms win in Libya bid
Geology; Reserves; Oil FieldsGuest writes: Two Indian oil companies have won a contract to look for oil in Libya, the Press Trust of India reports.

State-owned Indian Oil Corp. and Oil India Ltd. have won a license to explore a 7,087 sq km (2,736 sq miles) block in the oil rich Sirte Basin.

www.bbc.co.uk
Posted on Monday, January 31 @ 04:08:25 PST by aaron
 
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