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.
Japan's June Oil Imports Fall 12% as Reactors Restart
July 22 (Bloomberg) -- Japan's crude-oil imports fell 12 percent in June as Tokyo Electric Power Co., Asia's biggest power producer, restarted nuclear reactors, cutting demand for fuel used to fire thermal generators.
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