[Praxeologue]

We’ve fallen quite a way from trusting any US official.

Mistrusting EIA studies: what have we come to! I can't say I blame anyone. In this case, however, with Jerry Brown and the industry on side, I can't see Obama trying to kill a source of California state revenue. Tom Steyer is not that powerful.

[Smokin' Joe]

IIRC, it was in 1999 that the EIA determined there would be a "worldwide glut of oil".

Prices crashed. The upstream (drilling) end of the industry sat idle for a year.

Oopsie.

The EIA had forgotten to include the demand for petroleum in Asia. There was no glut.

It took a year for oil prices to recover (sweet crude was down to $6.50 a barrel). There went my second retirement fund, keeping kids fed.

Trust the EIA? Nope.

If they told me the sky is blue and water is wet, I'd have to double check.