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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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Why pump prices need to stay high
Consumption; Demand; PricesGuest writes:

Driving less? More than two-thirds of car owners already are. It's a natural reflex to $50-$70 tank fill-ups. But US drivers may also know it's time to pay a price to curb global warming. That may be one reason they reject the campaign stunt of urging a holiday for the federal gas tax.

US politicians can't have it both ways. Most seek the type of solutions for climate change that would raise energy costs, yet they are now trying to prevent the very kind of high pump prices that help drive conservation and green technology.


Next year, Democrats in Congress plan to pass antiglobal-warming measures that are sure to drive up consumer costs. Rather than prevent $4-a-gallon gas now, legislators should welcome it. One courageous lawmaker, John Dingell (D), who heads the House energy panel, even proposes a 50-cent hike in the gas tax.

World oil markets are doing the US a favor by imposing a form of tax that challenges energy profligacy and disregard for the planet's future. A gas price threshold has now been reached to influence behavior. SUV sales are down. Mass transit ridership and carpooling are up. More people want to live closer to work.

What do these lifestyle-altering trends signal? That Congress must impose a "carbon" tax on fossil-fuel use, from electric utilities to home furnaces to gas-guzzling vehicles.

Christian Science Monitor

Posted on Monday, May 12 @ 17:41:08 PDT by Leanan
 
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