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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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Call for oil will remake world and role of U.S.
Production; Extraction; ExplorationSoaring demand for crude oil in China, India and other developing nations has set off a scramble to secure future energy supplies that could undermine the economic and national security of the United States, according to oil industry experts.

And they said the United States isn't alone. Europe and Japan will also be increasingly forced to compete with developing nations, especially China and India, the world's two fastest growing major economies, which comprise more than a third of the world's population.

Posted on Friday, April 29 @ 07:40:44 PDT by MarkL
 
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