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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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Oil boom sparks fuel price surge
Consumption; Demand; PricesGuest writes: UK petrol prices could soon rise to levels not seen since the autumn of 2000, when widespread protests caused fuel shortages.

BBC
Posted on Monday, March 22 @ 15:18:33 PST by admin
 
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