Posted on 02/09/2018 10:20:16 AM PST by bananaman22
As if the recent nosedive that oil prices have taken in the last few days wasn’t bad enough—Baker Hughes reported a staggering increase to the number of rigs. The number of active oil and gas rigs increased by 29 to Baker Hughes data. This brings the total number of oil and gas rigs to 975, which is an addition of 234 rigs year over year.
(Excerpt) Read more at oilprice.com ...
Yep! Her “Drill baby, drill” motto came true...
Yep! Her “Drill baby, drill” motto came true...
Still $2.599 in SE Wisconsin Milwaukee area.
29 rigs is massive? Really? A few years ago there were over 2000 US rigs in operation. There are still less than 1000 Right now.
low oil prices are gasoline on the world economy. high oil prices stunt eonomic growth.
Thanks bananaman22.
Oil prices were down around $40/BBL not so long ago. A $5/BBL reduction to just under $60/BBL can hardly be called “tanking”. Just a minor market correction from an over-priced level.
>>>A few years ago there were over 2000 US rigs in operation. There are still less than 1000 Right now.
Rigs today are differnet. We are producing a lot more oil than we were a few years ago despite the much smaller number of rigs.
Irrational exuberance. I think not. I’m seeing a lot of pipeline construction in the Appalachians. Not including New York of course. The little piggy is about to go to market.
I suspect what is really happening is it is just following the markets crashing.
Still haven’t seen any “nosedive” at the pump.
But, but the flop eared Kenyan said that we couldn’t drill our way out of dependence on foreign oil.
Gasoline pumps prices are a tad higher here in central WI (Tomah). Prices have been steadily increasing for a number of weeks but we keep reading gas prices are falling. Can someone explain exactly "where are they falling?"
I’ve seen between $2.39 - $2.69 in the Denver area this week.
Supply goes up an prices do what?
Takes a while (usually) for crude prices to reach the pump - short as a few days to as long as a couple of weeks. Couple bucks a barrel is just a handful of pennies per gal.
The Mueller probe will end with Indictments One Week before the November elections.
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Well that might be difficult. Years ago gas stations 50 miles from the Cherry Point refinery were selling gas cheaper than the big stations almost next to the refinery - by quit a bit.
Oil rigs can now drill horizontally up to a mile away from the site.
That makes them more than 10 times as powerful
of course we have monstrous gas taxes here, and gas bags as well...
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