Bloomberg animation showing what has happened to the oil rig count in the last 5 years:
http://www.bloomberg.com/graphics/2016- ... 022616_BIZ
Oil rig count in USA
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George the original one
- Posts: 5406
- Joined: Wed Jul 28, 2010 3:28 am
- Location: Wettest corner of Orygun
Re: Oil rig count in USA
adding to, the usa rig count is down to under 400 for the first time since 2009.
yes, things are going swimmingly. no, we aren't entering a recession.
yes, things are going swimmingly. no, we aren't entering a recession.
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Riggerjack
- Posts: 3191
- Joined: Thu Jul 14, 2011 3:09 am
Re: Oil rig count in USA
Yeah, even lifting the ban on crude exports hasn't helped...
. http://www.bloomberg.com/news/arti ... ons-lifted
Back in December, when the new policy was announced, there was nearly a $10/bbl difference in domestic and open market prices. But oil is always rich in speculation, so the difference disappeared even before supplies came online.
The US has had unrealisticly cheap gas for 40 years, because of export restrictions. This went away quietly, at a time of glut. (Like they were waiting for a time when it wouldn't be noticed...) But when the supply/demand ratio swings the other way, this will help high prices go higher, since the price buffer on crude exports has been removed.
. http://www.bloomberg.com/news/arti ... ons-lifted
Back in December, when the new policy was announced, there was nearly a $10/bbl difference in domestic and open market prices. But oil is always rich in speculation, so the difference disappeared even before supplies came online.
The US has had unrealisticly cheap gas for 40 years, because of export restrictions. This went away quietly, at a time of glut. (Like they were waiting for a time when it wouldn't be noticed...) But when the supply/demand ratio swings the other way, this will help high prices go higher, since the price buffer on crude exports has been removed.