There was a sigh of relief, perhaps even some cork-popping, in Washington, D.C., on Friday afternoon. The arsonist, posing as a firefighter, extinguished the fire by coercing its partners to open the water—well, the diesel spigot. The Administration granted the US oil industry’s wish.
This is the place where the previous month’s happenings are summed up, and conclusions are drawn about what they might mean for the immediate future. Notwithstanding the usual turbulence observed in September, the first part is comparatively easy. The second part is not.
There is something of an eerie, defensive quiet reverberating around oil prices this morning. It is not that we have not been here before concerning peace initiatives, which play out on the wires rather than face-to-face, it is just that it comes with compelling and competing stories on how the Middle East has hauled itself back to producing as much oil as it did before this current war in its region began.
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