Posted on 06/19/2009 12:50:17 PM PDT by BGHater
The number of rigs actively exploring for oil and natural gas in the United States rose by 23 this week to 899, the second time this year the weekly count has increased.
Of the rigs running nationwide, 692 were exploring for natural gas and 196 for oil, Houston-based Baker Hughes Inc. (BHI ) reported Friday. Eleven were listed as miscellaneous.
The only other time this year the count increased was the first week of April. A year ago, the rig count stood at 1,906. The U.S. count is down 56 percent since the end of August as weak energy demand has hampered oilfield activity.
Oil prices peaked at almost $150 a barrel in July before plunging. Benchmark crude for July delivery dropped $1.09 to $70.28 a barrel in trading Friday on the New York Mercantile Exchange.
Of the major oil- and gas-producing states, Texas added 10 rigs, Louisiana gained four, Colorado and California each gained three, and New Mexico and Oklahoma each added one. Alaska, Arkansas, North Dakota and Wyoming were unchanged.
(Excerpt) Read more at forbes.com ...
“The U.S. count is down 56 percent...”
THAT should be the headline...not this pathetic AP attempt to obfuscate what Obama and the democrats are doing to our oil business!
...articles like these drive me nuts. No attempt to explain the increase, or to put in into context - why the rise, why now, why 23, is this unusual, etc??? Just numbers.
Btw-Lot's of those wells have filled back up.
So now that the supply has increased, we can expect prices to go up too. Er ... Wait. I mean, now that supply is down ... Oh, I can’t keep the lies straight anymore!
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