——But when rigs get shut down, that means that good paying jobs are lost.——
Or, the drilling operations are complete.
A new well will not be started under existing market circumstances
To assume continuous expansion is a fallacious fantasy
So why is the rig count going up in the US?
And in the middle of all this, the feds are announcing new tighter regulations on offshore drilling.
This is the real indicator of how bad the Obama economy is. Energy is the magic ingredient for producing wealth and prosperity. It is when energy is converted to goods and services that an end product of value is produced. The cost of energy has been cut in half during Obama’s presidency, yet growth has been stagnant. Any leader who can’t produce 4% or higher growth under those conditions is either an economic idiot or holding the economy down on purpose.