Wednesday, October 17, 2012
I just thought to check this following the Presidential debate last night. The above shows the weekly Baker Hughes count of oil rigs drilling in the United States. This number has been in a near-vertical climb ever since the beginning of the economic recovery in 2009. However, in the last few months there are signs of it leveling off - whether temporarily or permanently I don't know. It has certainly been an incredible boom.
The sevenfold increase in rigs since the mid 2000s has so far produced about a 20% increase in oil production:
There also seems to be some sign of leveling off in that series. It will be interesting to see if the production continues to rise if we hold drilling at the current very high level.