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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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Iraqis say ready to take control of oil terminals
Public Policy; Political and Legal News IRAQI OIL TERMINALS, Northern Gulf (Reuters) - Iraqi soldiers aboard the patrol boat scan the waters around them before they give permission to U.S. sailors to approach the Gulf oil terminal.

For the first time since U.S.-led forces toppled Saddam Hussein more than four years ago, Iraqi soldiers are taking charge of protecting the country's greatest assets against insurgents under a plan to hand over control to Iraqis.


"The Iraqis are doing the job," said Australian Captain Philip Spedding, who manages coalition Northern Gulf operations. "They're the ones manning the gun positions and the radar, talking on the radio. It's close to transition point on the terminals."

Iraq's southern oil fields and export facilities have largely escaped the kind of insurgent attacks that had regularly hit pipelines and oil installations in other parts of Iraq.

But Iraqis guarding the two terminals point to neighboring states and saboteurs as potential threats. An armed Iranian lookout post is visible from one of the terminals.

Reuters

Posted on Wednesday, October 31 @ 09:32:04 PDT by Leanan
 
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