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.
(CBS/AP) OPEC aims to boost its oil production capacity by at least 10 percent by the end of next year, in an effort to keep crude prices from rising further, the group's president said Thursday.