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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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Kurds announce major oil find
Geology; Reserves; Oil FieldsExcavators have struck three oil fields with reserves estimated at about 2 billion barrels, Kurdish region’s Oil Minister Ashti Horami said. The discovery is a signal that the region, currently including three provinces, is rich in oil reserves. The find is tempting for foreign oil firms which are vying to win deals to develop oil fields in the region.

Azzaman
Posted on Wednesday, May 14 @ 15:04:03 PDT by stu
 
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