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: Dec 04, 2004 Posts: 2332 Location: perpetual state of exhaustion
Posted: Thu May 01, 2008 2:06 am Post subject: Re: Shell President On CNN Addresses PO
Quote:
But let's remember there's more than 100 billion barrels of untouched oil and gas in this country that is subject to a 30-year moratorium. Now, there's only one body in this country that can set a 30-year moratorium, and that's the U.S. government.
But what about this? Is there really a 100 billion barrels of untouched oil and gas in the US? Where?
Joined: Apr 06, 2006 Posts: 2599 Location: 3 miles NW of Champoeg
Posted: Thu May 01, 2008 2:31 am Post subject: Re: Shell President On CNN Addresses PO
Offshore, I'd wager.
Hartmann also had some weird theory that the OPEC nations revised their reserve estimates upward not to pull the wool over the consuming nations' eyes, but to obtain World Bank loans. Never heard that angle before. _________________ Cogito, ergo non satis bibivi
This aggression will not stand, man.
"We can find a needle in a haystack, but it is still a needle." - Colin Campbell on oil exploration.
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