Care to wager $20, payable to FR on our honor, that oil production will be down by the end of summer?
I wouldn’t wager money, but I would certainly wage a great, big, fat “I told you so.”
Of course, the projection is already looking very wrong. Daily production is up nearly a quarter of a million of barrels per day from just late April when the projection was prepared. So to be fair, I’ll even use the 4-week rolling average (9,447 as measured at http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=wcrfpus2&f=4) and we’ll look at week 5 of August for comparison.
I wouldn’t wager money, but I would certainly wage a great, big, fat “I told you so.”
Of course, the projection is already looking very wrong. Daily production is up nearly a quarter of a million of barrels per day from just late April when the projection was prepared. So to be fair, I’ll even use the 4-week rolling average (9,447 as measured at http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=wcrfpus2&f=4) and we’ll look at week 5 of August for comparison.
WHOOPS! Let’s look at week 3 of September... I just realized that if we look at a rolling avg on week 5 of August, we’re only about 2/3 of the way through Summer.