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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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US Economy, Resilient to Oil Prices, Seen Exposed to Shock
Public Policy; Political and Legal NewsOil may yet deal a solid blow to U.S. economic growth.

While the increasingly energy-efficient U.S. economy can likely weather current high prices, it has grown vulnerable to an oil shock - a sudden, sharp rise in the price of oil caused by a large-scale supply disruption. With production capacity constrained and threats to supply plentiful, the Bush administration is taking the risk seriously.

In addition, the Energy Information Administration, the statistics and analysis arm of the U.S. Department of Energy, recently conducted two workshops to look into the probability of a supply disruption and its likely macroeconomic impact.
Posted on Wednesday, March 30 @ 07:04:05 PST by MarkL
 
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Re: US Economy, Resilient to Oil Prices, Seen Exposed to Shock (Score: 1)
by savethehumans on Wednesday, March 30 @ 20:12:15 PST
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Let me get this straight...they ADMIT the economy could go into shock with this oil price problem...they ADMIT something needs to be done about it...and their solution is to HOLD WORKSHOPS?!

We're doomed....

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