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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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Energy bills misery for Welsh households
Consumption; Demand; PricesWelsh households face the misery of being hit by more than £100 extra on their energy bills by the end of the year – on top of the £140 hike they have already faced since Christmas.

The price rises predicted by experts will come as a hammer blow to pensioners and others on low incomes.

The news comes just weeks after energy industry bodies refused to appear before an Assembly committee to explain why customers in Wales pay higher prices than in England.

Welsh householders pay on average 10 per cent more for power than their counterparts in England.

Many in Wales are already being hit hard by rising food, transport and petrol costs amid widespread concern over the economy.

The pain will be increased by the likelihood of increases this autumn, just as householders switch on the heating.

icWales

Posted on Sunday, March 30 @ 18:53:51 PDT by waegari
 
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