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.
Joined: Jun 13, 2005 Posts: 1206 Location: Western US
Posted: Mon Aug 01, 2005 10:52 pm Post subject: U.K. - Why double peak for crude oil production?
I noticed for UKs oil production it had one peak in the mid 1980s then another, of about the same size, in the late 1990s. Does anyone know why this occurred?[/img]
Correct, the dip in the late 80's was caused by the Piper Alpha fire in 1988. It took several years to restore the infrastructure thus destroyed. _________________ Chris
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