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.
I mentioned on this forum a few months back that Guangdong was facing a power crunch, and this puts some flesh on the bones.
This factory owner's experience may be one very good example of why diesel is going through the roof.
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