A week after Paul Thomas Anderson was good enough to let slip twenty minutes of his upcoming Upton Sinclair riff, There Will Be Blood (it’s a "riff" and not an "adaptation" because Anderson reportedly departs from the novel in significant ways as the story progresses), at the Telluride Film Festival, Paramount Vantage has finally delivered the first official trailer via MySpace, and it looks better than topless Vinessa Shaw.

[Note from Devin: This trailer was put up early by accident. At the request of the filmmakers, we have removed the trailer from the page. Sucks if you missed it.]

And the Oscar race is over again, only now There Will Be Blood is the prohibitive favorite. If I were Focus Features, I’d bump Atonement to ’08, ‘cuz they just got rat-fucked; even the mighty perspicacity of Variety‘s Derek Elley won’t be enough to derail Anderson’s Sherman-esque March to the Kodak. Charlie Wilson’s War, Elizabeth: The Golden Age, No Country for Old Men… they shall be set ablaze by the brilliance of There Will Be Blood. Here, now, are my revised Oscar predix:

Best Picture: There Will Be Blood

Best Director: Paul Thomas Anderson

Best Actor: Daniel Day-Lewis

Best Supporting Actor: Paul Dano

Best Actress: Evidently, there are no women in There Will Be Blood, so this will be an one-time Honorary Oscar for Kevin J. O’Connor

Best Supporting Actress: Ditto the above for Ciaran Hinds

Paramount Vantage will roll out There Will Be Blood in limited release on December 26th.