“A change in the EIA’s calculation methodology has also played a key role in the rise to record output.
The EIA said it periodically reviews its domestic oil production data and if it finds a large difference between its monthly Short-Term Energy Outlook report, trends in survey-based domestic output in its Petroleum Supply Monthly report, and other current data, it may “re-benchmark” the weekly production estimates.
For the week ended Oct. 6, the re-benchmarking resulted in estimated volumes increase of 370,000 barrels a day, or 2.8% of the week's estimate production total.
So the higher output number is “reflective of an accounting or methodology change for EIA, which has generally underestimated crude-oil output,” Tom Kloza, global head of energy analysis at OPIS, a Dow Jones company, told MarketWatch. It also “speaks to the inaccuracy of judging crude-oil production via rig counts.”
Only 4 rigs were added bringing the total to 501. That total is down from 610 a year ago.
I see, they are playing fuzzy math then. But I grew up in the oil industry and can testify they play the “shortage” games to deceptively price fix and increase profits every chance they get. Seen it at least a hundred times over the years. Just a small leak in a small insignificant branch line in Ca hits the news and all of a sudden the prices jump a dollar a gallon nationally...
So they changed the methodology and yielded a rigged number the MSM will run with just like they got away with removing food and energy from the inflation figures. God help me l hate these people
The seems to verify my research that West Texas and the Bushes are raking in the dough but other states are losing their wells.
Americans facing higher gas prices.......Americans being held hostage by Hamas.
And where is your president?
Walking on the beach without a care in the world.
https://twitter.com/RNCResearch/status/1716216066295156900
Excellent post !
That context is very important. Thank you for making that clear.
In summary, it’s all bullshit, and that’s why we are seeing it printed as good news, so the FJB can run with it while speaking out of both sides of his clown mouth.
In other words, it’s all lies.