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.
I can't believe the Chinese have banned bicycles from Beijing. I was in Beijing a couple of years ago, and there were bicycles everywhere. Most people didn't have cars, but everyone had a bike. Now they're banned???
I had hopes that China could avoid the trap we're in, but it's looking less and less likely.
Joined: May 17, 2004 Posts: 293 Location: San Jose, CA
Posted: Sat Jul 10, 2004 8:09 pm Post subject:
You're welcome. I spotted it in the newstand when I was out getting some lunch today, and they had it as their cover story, with a big gas gauge on "empty" drawing. I took a double take & grabbed it.
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