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Page added on December 31, 2023

What’s Driving America’s New Oil and Gas Boom?

December 30, 2023 [Oilprice]- Last week Robert Rapier pointed out in a TikTok video that the U.S. is poised to set a new oil production record. In response, someone took exception to my claim by stating that he works in the industry, and drilling rigs are stacking up.

It is correct that the rig count has fallen. According to data from Baker HughesBHI, the number of rigs drilling for oil and gas has fallen by about 20% in the past year.

This decline reversed a steady increase that began after the rig count bottomed out below 300 in the early stages of the Covid-19 pandemic in 2020. The rig count recovered back to nearly 800 rigs by the end of 2022 but has since declined back to about 620.

Nevertheless, U.S. oil and natural gas production are both poised to set new annual production records, after monthly production has risen steadily all year. How can that be if the rig count is falling?

Keep in mind that the rig count is a measure of rigs that are currently drilling for oil and gas. In many cases, the wells are drilled, but they aren’t completed. These are called drilled but uncompleted wells (DUCs), and that inventory is tracked by the Energy Information Administration (EIA) here.

What we can see is that since last December, the inventory of DUCs has declined from 5,300 to about 4,500. That reflects about 800 wells that started producing oil and gas, but that would not have been impacted by the falling rig count.

In addition, there are continuous technology improvements that have enabled a higher recovery of oil and gas per well. The biggest example of that can be seen in the natural gas rig count.

Back in 2007, there were around 1,500 rigs drilling for natural gas. In 2009, that fell below 1,000. In 2012, it went below 500, and it fell below 100 in 2016. Today it stands at about 120.

Yet, during the time, U.S. natural gas production increased by 80%.

It’s a similar story for oil. In 2014 there were 1,600 rigs drilling for oil. Today, there are 620, but oil production is 50% higher than it was in 2014.

Thus, using rig counts as a proxy for natural gas or oil production would have grossly misled you. Don’t confuse drilling with production.

TankTerminals

58 Comments on "What’s Driving America’s New Oil and Gas Boom?"

Olive Liver on Mon, 1st Jan 2024 4:51 am

I was looking exact info and i am glad to see this post. vikings inspire change hoodie

eee on Tue, 2nd Jan 2024 1:45 am

Fake CGI news anchor from NBC, The CEO and board of directors of NBC are afraid that me, specials forces and local militias come for them and shoot them 12 gauge slut in their pretty faces.

This video is taken directly from the NBC official YouTube page.

https://www.youtube.com/watch?v=kMQ-JmwjT2c

eee on Thu, 4th Jan 2024 9:27 am

I like how the cabal is working hard at saving democracy. I like how these two cuck sucker are still pretending that Bidet is in charge. I like how no one is capable of telling the truth and everyone believe that Bidet is in charge.

https://www.youtube.com/watch?v=QcwBoIBcHxw

eee on Thu, 4th Jan 2024 9:31 am

GOD will never push me into a position of power. GOD will kill everyone before that. The Jews can feel safe now, they can continue to destroy the US . It is a planet populated of retards.

https://www.youtube.com/watch?v=QcwBoIBcHxw

eee on Thu, 4th Jan 2024 4:28 pm

LES VÉRIFICATEURS – Aides : l’Ukraine doit-elle rendre l’argent ?

Now western nations you want to grab Ukraine lands using the money they gave to Ukraine. You have no morality. This is why you cannot be admitted in the Kingdom of GOD. You are mentally retarded, with a thirst for power, money, lust and you have no morality. Earth and everyone living on it will be destroyed.

https://www.youtube.com/watch?v=kjAL_ro1cDY

Every that goes by proved to GOD and I that we took the right decision to destroy earth and kill its populations. All this operation was to bother Russia and sized Ukraine land for Western nations.

eee on Thu, 4th Jan 2024 5:02 pm

I will repeat that we don’t need planet earth. We need high IQ people that can help with maths and have concepts of how to build a reality. We don’t need planet earth, we don’t give a shit about you. We are using earth as our personal entertainment. Mentally retarded people can provide good entertainment that is the case of earth with a 100% population mentally retarded.

ewee on Thu, 4th Jan 2024 5:06 pm

This is Europe for you. As I explained before,. they are in the business of domination and controlling the world.

https://www.youtube.com/watch?v=fgBi0C07AoM

eee on Thu, 4th Jan 2024 8:23 pm

NO GOD that love its children would have build a reality that relied on natural resources to survive. You are because you lost your fight against GOD and you are now being punished. Don’t fuck with people and shit you don’t understand.

eee on Fri, 5th Jan 2024 1:30 am

Revelation 18 is about globalism. Revelation 19 is about me walking over the dead cadaver of all the population of earth.

And I saw an angel standing in the sun, who cried in a loud voice to all the birds flying in midair, “Come, gather together for the great supper of God, 18 so that you may eat the flesh of kings, generals, and the mighty, of horses and their riders, and the flesh of all people, free and slave, great and small.”

eee on Fri, 5th Jan 2024 3:32 am

I need the decapitated head of piece of shit Legault and Trudeau to decorate my house. When can I get them.

eee on Fri, 5th Jan 2024 3:52 am

Haley has not the face of a witch.

https://www.youtube.com/watch?v=TGDgnuWzLY8

This is the phase revenge and torture for the whole planet earth. After that comes dead.

Revelation 18 is about globalism. Revelation 19 is about me walking over the dead cadaver of all the population of earth.

eee on Fri, 5th Jan 2024 3:54 am

Haley has now the face of a witch, exactly like we see in comic book.

https://www.youtube.com/watch?v=TGDgnuWzLY8

This is the phase revenge and torture for the whole planet earth. After that comes dead.

Revelation 18 is about globalism. Revelation 19 is about me walking over the dead cadaver of all the population of earth.

eee on Fri, 5th Jan 2024 4:02 am

Witches everywhere you look. 3:44

https://www.youtube.com/watch?v=fHN7EvcPWTM

eee on Fri, 5th Jan 2024 4:12 am

20:54 two more witches. I have shit load of witches on my page.

https://www.youtube.com/watch?v=ip3TiV1nljE

eee on Fri, 5th Jan 2024 5:05 am

I like this idea of having some kind of red light district with loose women bordellos, whore houses, strip club in a reality.

https://www.youtube.com/watch?v=Z-_CBirYxJ4

eee on Fri, 5th Jan 2024 5:17 am

11:42 I know what you are trying to do. You cannot change the earth mechanical engineering calculator with video. I see no evidence that it is possible in my daily life.

https://www.youtube.com/watch?v=OTv19-dptD8

eee on Fri, 5th Jan 2024 5:32 pm

I find fascinating that nobody is talking about people’s neck getting longer and longer and people face moving forward. Nobody is talking about the fact that necks medical pictures have been updated with pictures of longer neck. Nobody is talking about the fact the some part of the medicals textbook have been rewritten to take into account longer neck. Am I the only real human here, therefore making me the owner of this reality, and some has taken control of my reality without authorization.

Everyone seems to find that normal execpt me.

www__alamy__com/stock-photo/human-neck.html?sortBy=relevant

eee on Fri, 5th Jan 2024 5:40 pm

There will be a heavy price to pay if some beings have hijack my reality and energy field to steal energy from me and push their version of reality over my version of reality.

eee on Fri, 5th Jan 2024 5:48 pm

In my reality all the Jews would have been decapitated and their heads would be floating 22 feet’s in the air as a warning for eternity.

I am still planning on killing all the Jews of the planet, I don’t know how I will do it yet, but I will find a way.

eee on Fri, 5th Jan 2024 5:51 pm

In my reality UK, Israel and all of Europe have been completed destroyed and the ground is liter with dead cadavers.

I am still planning on destroying, UK, Israel and all of Europe and kill all these people living there. I don’t know how I will do it yet, but I will find a way.

eee on Fri, 5th Jan 2024 5:57 pm

I want my reality back to do advance mathematics.

eee on Fri, 5th Jan 2024 6:00 pm

I will personally come for people like Bill Mayer, Jonh steward, Stephen Colbert and so many more. I will do it either with a gun, or by killing them using the power of my reality. I will come for these cock sucker, in or out of earth.

eee on Fri, 5th Jan 2024 6:07 pm

Mentally retarded people with no morality will not be tolerated, accepted and welcomed in the world of divinité and creation. I will kill all of you piece of shit for invading a domain that you do not belong to.

eee on Fri, 5th Jan 2024 6:39 pm

This reality will be restored to its original form and all the population of the earth will be killed. Only people with divinity status will be allowed in.

eee on Sat, 6th Jan 2024 9:55 am

Look like a dying nation with a low birth rate and run down infrastructure.

https://www.youtube.com/watch?v=fId3qfSv7n8

eee on Sat, 6th Jan 2024 10:04 am

Look like a dying nations. It is probably better to die first then die last. The ones that will die first will not have to go trough too much pain and misery. THe people that will try to stay alive at any cost will suffer the most.