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: Mon Jul 05, 2004 7:52 pm Post subject: Private land use
As pressure to develop domestic reserves intensifies, expect conflicts over land use to escalate. This Washington Post story foreshadows some of the issues, including opposition from private landowners and environmental groups.
Quote:
The company has been stymied in the county for five years, even though Huber's geologists have said there could be half a trillion cubic feet of natural gas here, potentially worth hundreds of millions of dollars.
Americans consume about 23 trillion cubic feet of natural gas a year. The federal Energy Information Administration has described the Rockies as potentially "a Persian Gulf of natural gas." About 9 percent of the national supply now comes from coal-bed methane drilling, but that is predicted to increase sharply in the next decade.
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