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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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Oil, Venezuela's Lifeblood, Is Now Its Social Currency, Too

The government recently announced that $2 billion in Pdvsa revenue would bypass the central bank and form a special development fund to pay for public projects like a hydroelectric plant and a new state airline. Another $1.7 billion - taken from Pdvsa's $5 billion capitalization budget - is going to social programs, Rafael Ramírez, the minister of energy and mines, announced. Some oil experts warn that huge expenditures like these will permanently damage a company that needs to spend up to $3 billion annually just to keep production stable.

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Posted on Saturday, July 24 @ 18:36:01 PDT by admin

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Re: Oil, Venezuela (Score: 1)
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