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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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Hurricane Katrina Evacuation and Production Shut-in Statistics as of August 30
Business News; Market Researchtdrive writes:

Today’s shut-in oil production is 1,427,969 BOPD. This shut-in oil production is equivalent to 95.20% of the daily oil production in the GOM, which is currently approximately 1.5 million BOPD. Today’s shut-in gas production is 8.798 BCFPD. This shut-in gas production is equivalent to 87.99% of the daily gas production in the GOM, which is currently approximately 10 BCFPD. The cumulative shut-in oil production for the period 8/26/05-8/30/05 is 4,635,751 bbls, which is equivalent to 0.847% of the yearly production of oil in the GOM (approximately 547.5 million barrels). The cumulative shut-in gas production for the period 8/26/05-8/30/05 is 25.441 BCF, which is equivalent to 0.697% of the yearly production of gas in the GOM (approximately 3.65 TCF).


 


http://www.mms.gov/ooc/press/2005/press0830.htm





Posted on Tuesday, August 30 @ 13:08:08 PDT by stu
 
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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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Re: Hurricane Katrina Evacuation and Production Shut-in Statistics as of August 30 (Score: 1)
by FatherOfTwo on Tuesday, August 30 @ 13:35:20 PDT
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OUCH!



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