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: Mar 04, 2005 Posts: 2494 Location: New Zealand
Posted: Thu May 29, 2008 2:04 am Post subject: Frozen Gas Hydrates Off New Zealand
Frozen Gas Hydrates Off New Zealand Holds Substantial Gas Resources
Quote:
Frozen gas hydrates which lies just below the seabed deep off New Zealand's East Coast may contain a future resource of over 8 trillion cubic feet of natural gas, says Stuart Henrys, a senior research scientist at GNS Science.
Research shows that sheets of gas hydrates, made up of ice-like crystals of water and methane molecules intermixed with sediments, are found over 50,000 sq km from offshore Marlborough to offshore Gisborne.
rigzone _________________ Human history becomes more and more a race between education and catastrophe. H. G. Wells.
Fatih Birol's motto: leave oil before it leaves us.
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