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: Apr 06, 2006 Posts: 2625 Location: 3 miles NW of Champoeg, Republic of Cascadia
Posted: Sat May 03, 2008 6:21 am Post subject: The Prize: The Epic Quest for Oil, Money, and Power
Yeah, Yergin's a bit of a dillrod, but his book is a heckuva story. Never uses the P word or includes Hubbert in the index, but it's where to go to learn about the ins and outs of the industry, the realpolitik machinations decade after decade after decade, the front page and backroom agonies of the 70s energy crisises, and more.
You can watch the PBS documentary version on Google Video, too. _________________ Cogito, ergo non satis bibivi
The god damn plane has crashed into the mountain!
Joined: Apr 05, 2005 Posts: 1567 Location: Springsteen Country (NJ)
Posted: Tue Jun 17, 2008 9:36 pm Post subject: Re: The Prize: The Epic Quest for Oil, Money, and Power
I read it, it was very interesting. I like how he casts the major events of the twentieth century as influenced by oil, like WWI and WWII.
He used to be a doomer too, before he sold out...
_________________ Joe P. United Political Debate
"Only when the last tree is cut; only when the last river is polluted; only when the last fish is caught; only then will they realize that you cannot eat money." - Cree Indian Proverb
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