“The more oil is lost, the higher the price”

It’s now apparent that we weren’t the only ones reading B. Traven. After our post yesterday the US Energy Information Administration issued a forecast that, among other things, said:

“EIA projects that the West Texas Intermediate (WTI) spot price, which ended June near $76 per barrel, will average $79 per barrel over the second half of 2010 and $83 per barrel in 2011.  This forecast is unchanged from last month’s Outlook.”

“Three cheers, then, for broken pipes and drunken pumpmen and tank-attendants!”

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