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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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Search for black gold is sweeping the country
Geology; Reserves; Oil FieldsGuest writes:

More than 200 communities in the English countryside may be sitting on billions of pounds of undiscovered oil, according to prospectors.

Scores of greenfield sites across southern and eastern England are being mapped for viability as world oil prices soar.


The Government has received 60 applications from 54 companies to explore 182 plots, but is keeping the details confidential because they are commercially sensitive. Villages, hamlets or new estates will learn about a prospector’s interest only if permission is sought to drill or extract oil.

Times of London

Posted on Friday, May 16 @ 20:31:39 PDT by Leanan
 
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Peak Oil is a Myth

 
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