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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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Hyundai wins Kuwait oil storage order
Business News; Market Research

Hyundai Heavy Industries Co, the world’s largest shipbuilder, said it received a US$1.25 billion (US41 = RM3.77) order to build storage tanks and loading facilities in Kuwait to boost the nation’s capacity to export oil.

...“The new facilities at Al Ahmadi port, south of Kuwait city, will help the country produce and export three 3 million barrels of crude oil a day,” Hyundai Heavy said in a statement yesterday.



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Posted on Wednesday, August 31 @ 10:17:27 PDT by waegari
 
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OPEC IS NO LONGER ABLE TO CONTAIN OIL PRICES

 
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