The overall rally in crude oil prices has been impressive, in its own right, but the collapse in Brent’s premium to WTI has been spectacular. This morning, it has fallen below $5.00. A lot of people roll their eyes when energy economists and analysts remind everyone that the best cure for high prices is high prices. It is an accurate old saw, and look no further than the shale revolution in natural gas and oil to see the premise at work.
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