The number of rigs drilling for oil in the U.S. is steadily climbing. The year-over-year increase in the Baker Hughes North America Rig Count is now about 60%. Historically, it has rarely climbed at a faster pace than this.
Between February and July 2020, the rig count plunged by over 70% as demand for oil plummeted. There are a number of consequences from this plunge that we are still living with today, and that are driving oil prices higher.
This manpower shortage also impacts oilfield services and supplies. Sand used for hydraulic fracturing, for example, is in. That won’t necessarily limit drilling, but it will limit how quickly an oil well can start producing oil. Critics of the oil and gas industry have seized on this financial discipline as proof that oil companies are holding back production. However, one of the biggest criticisms about the shale boom over the past 15 years is that the oil companies never make consistent money. Indeed, if you look at the financials of many oil companies, they lost money in four of the past ten years.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
60 Easter Dinner Ideas That Feel FreshWe’ve got all your Easter inspiration right here.
Read more »
Man sentenced to 60 years to life for City Heights shooting that killed one, injured anotherMan sentenced to 60 years to life for City Heights shooting that killed one, injured another [Breaking]
Read more »
Study: San Diego City's climate policy could create 60 to 90 jobs per yearThe mayor's office said the study is intended to help the city and its partners plan for the potential workforce needs and job impacts of building decarbonization policies.
Read more »
60 Years after Silent Spring Warned Us, Birds—and Humanity—Are Still in Trouble60 Years after Silent Spring Warned Us, Birds—and Humanity—Are Still in Trouble
Read more »
Inside the 2022 Grammys Gift Bag Featuring More Than 60 GiftsThe 2022 Grammy performers and presenters will get a chance to receive this gift bag with more than 60 gifts from Topgolf, Miage Skincare, plastic surgeons and more
Read more »
These Face Gems Take My Makeup Up from Zero to 100 in 60 Seconds FlatPerfect for when I’m in a pinch or just looking to elevate my everyday makeup look.
Read more »