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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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China Warns of More Power, Oil Shortages
Consumption; Demand; Prices
China will face growing demands for power, oil and coal in the next few months, said Ma Liqiang, director of the economic operation bureau of the National Development and Reform Commission. "We still see no sight of change or things getting better," said Ma, quoted by the official China Daily newspaper.

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Posted on Wednesday, July 21 @ 15:29:30 PDT by admin
 
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