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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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Australia: Solar industry starts to cut jobs
Hydrocarbon AlternativesThe solar industry has started sacking some of its workers in the wake of the Federal Government's decision to strip back rebates for home solar panels.

Solar businesses, in a national phone hook-up on Friday, reported that at least five people had already lost their jobs and more were expected to go this week as cancelled orders surge.

From midnight on Tuesday, a family that earns more than $100,000 a year could no longer claim the rebate of up to $8000 on a solar photovoltaic system for their home.

The Clean Energy Council told The Sunday Age that one company had 98% of orders abandoned. The biggest impact has been in cities, where 50-70% of orders were being ditched, leaving companies with millions of dollars of lost business.

"People are absolutely frantic," said the council's communications manager Irena Bukhshtaber. "We have had endless calls and emails (from members) in the last 72 hours and all our phones are running hot. Customers are pulling out in droves."

The Age

Posted on Saturday, May 17 @ 12:12:15 PDT by waegari
 
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