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: May 22, 2004 Posts: 1401 Location: Ottawa, Ontario
Posted: Fri May 28, 2004 10:21 pm Post subject: Report on ASPO Berlin conference in Petroleum News
There's a report by Roger Herrera in the latest Petroleum News (need a subscription) about the ASPO conference in Berlin.
The article was fairly supportive of the peak oil concept. I suspect Herrera who according to Petroleum News is :
" an oil and gas consultant based in Anchorage, Alaska, who works with Arctic Power in both Washington, D.C. and Anchorage. He is Petroleum News’ favorite “oil price guru,” as his predictions have always been accurate."
has probably been following the peak oil debate for some time as I found a precient article from 2000 where he predicts $40 a barrel in 4 to 5 years.
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