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.
Posted: Fri Jul 11, 2008 10:59 pm Post subject: Russian oil sector at 'critical juncture': Putin
Severodvinsk, Russia (AFP)--11Jul2008
Russian Prime Minister Vladimir Putin on Friday expressed concern over
the country's declining oil production and said the sector was at a "critical
juncture." Putin also said, however, that Russia would not engage in "economic
egoism" and would continue to fulfill export contracts even as it met the
energy needs of its own growing economy.
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