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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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ASPO-China is formed
Public Policy; Political and Legal NewsGuest writes:

On the 26th of October 2007, a Peak Oil workshop was held at the China University of Petroleum Beijing (CUPB). Experts from Chinese oil companies (Sinochem, CNPC and SINOPEC) were present together with the president and the secretary of ASPO International.

The Vice Director of the Strategy Office (China Energy Office) together with an expert from the National Development and Reform Commission of China also attended the workshop on Peak Oil. Professors from the Institute of Engineering Economics, Foreign Affairs Office and the school of Business Administration together with professors from other universities made contributions to the discussion.


It was unanimously agreed that ASPO-China should be formed and that Peak Oil research and modeling is essential to China. As seven of the nine new leaders in China have been engineering students it is expected that Peak Oil will feature in future government policy-making decisions.

The chancellor of the China Petroleum University of Beijing, Jiang Qingzhe, was elected as the new president of ASPO-China and vice-chancellor professor Pang Xiongqi as Vice President. Secretary for ASPO-China is professor Feng Lianyong.

Energy Bulletin

Posted on Wednesday, October 31 @ 16:29:29 PDT by Leanan
 
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