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.
Senator Schumer to White House: Tap heating oil reserves
Guest writes: NEW YORK -- Sen. Charles Schumer said Sunday that the Bush administration should tap into Northeast heating oil reserves to hold down rising home heating costs this winter, including a projected $1.2 billion increase in New York City.
A Department of Energy spokesman said Sunday that would be a bad idea that could deplete the government's small reserve enough to supply the Northeast for 10 days before the onset of more pressing need.
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