Katie Jane is divine.
I see this as a sad song about the death of a relationship.
'Billy' takes along a girl for a ride with the promise of commitment. She realises that he's not all sweet dreams and sunsets, and she's in too deep to let go unhurt. He betrays her and cataclysmically breaks her heart, justifies himself for closure and goes away like nothing happened ('threw a little dirt over her and started for home'). But breaking a heart deliberately (Polly's murder) is one of the worst pains, and so Billy owes a debt to the Devil.
Katie Jane is divine. I see this as a sad song about the death of a relationship. 'Billy' takes along a girl for a ride with the promise of commitment. She realises that he's not all sweet dreams and sunsets, and she's in too deep to let go unhurt. He betrays her and cataclysmically breaks her heart, justifies himself for closure and goes away like nothing happened ('threw a little dirt over her and started for home'). But breaking a heart deliberately (Polly's murder) is one of the worst pains, and so Billy owes a debt to the Devil.
What an amazing voice/song.