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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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Economy to ride out oil turmoil
Business News; Market Research
China still isn't big enough to really matter – to either tip the world economy over the edge or, indeed, rescue it from such a plunge.

Similarly with oil. Perhaps surprisingly for some, oil is no longer "big enough to matter". Obviously, it does in terms of the cost of filling the tank, but not on its impact on the broader economy.

heraldsun.news.com.au
Posted on Saturday, May 29 @ 22:42:04 PDT by admin
 
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Most read story about Business News; Market Research:
OPEC IS NO LONGER ABLE TO CONTAIN OIL PRICES
 
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