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 26, 2004 Posts: 1188 Location: Zoorope
Posted: Thu Jul 15, 2004 8:21 am Post subject: Financial Times!
Read on a leading italian newspaper from Financial Times (no link-subscribers only):
- demand 82,5 mbd in 2005, 12 mbd more than in 1995;
- the growth in demand 1995-2005 (10 years) will be the same than in 1973-1995 (22 years)!
- China growth on oil consumes was 40% this year
- Demand is growing more rapidly than production
And last but most important:
Barclays Capital states that OPEC reduced of 4 mbd their extraction capacity last 18 months.
Better go gardening... _________________ **no english mothertongue**
--------
Objects in the rear view mirror
are closer than they appear.
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