Heat 1 teaspoon oil to large soup pot over medium eat. Add the bacon and cook, stirring until crisp 3 to 4 minutes. Transfer the bacon to a plate.

Add remaining oil, onion celey, 3/4 salt and pepper to the pot and cook over medium heat, stirring occasionally, until the vegetables have softened, about 6 minutes. Add garlic and thyme and cook, stirring for 1 minute more. Add 1 1/2 cups water the reserve clam juice the potatoes and bay leaf and bring to boil.

Partially cover the pt and simmer, stirring occasionally, until potatoes are tender, about 15 minutes. Whisk the milk, cream and flour in a bol until the flour is dissolved. Slowly add the mixture to the pot stirring occasionally. While stirring bring the soup to a simmer. DO NOT BOIL. Reduce the heat to medium low and cook stirring occasionally until thickened about 8 minutes. Add the clams and simmer 2 minutes more. Discard the bay leaf. Add salt and pepper to taste.

Right before serving, stir in the bacon.