Moonglow
Diamond Member
The price of gas declined in 2016 which causes wells to be capped and less drilling of new ones.People drill for one reason and one reason only; to make a profit. And they will continue drilling until it is no longer profitable. So it is really up to them what they do with their money. Obviously, they believe they are making money in today's market.Too bad it's just a political grandstanding ploy to satiate his constituents. The finding will be that a permanent ban on drilling would require congressional approval and keeping the companies that hold the leases whole. So it really won't accomplish anything more than pulling the wool over the eyes of his constituents. Too bad for the American families that will be negatively affected by this action.
Biden administration pauses federal drilling program in climate push
U.S. President Joe Biden's administration has temporarily suspended oil and gas permitting on federal lands and waters in the latest of a series of rapid-fire orders aimed at fighting climate change and tamping down the U.S. fossil fuel industry.www.reuters.com
There's no reason to drill on Federal Lands or in national parks when there's a glut of oil on the market and the ppb is so low.
US Oil Rig Count
267.00 for Wk of Dec 31 2020
The US Oil Rig Count measures the number of oil rigs functioning in the United States. This indicator is important to track because it can give an idea of how much oil production is occuring. Historically, US Oil Rigs peaked in late 2014. The total number of oil rigs reached as high as 1609 before being cut to just 325 within 2 years.
US Oil Rig Count is at a current level of 267.00, up from 264.00 last week and down from 677.00 one year ago. This is a change of 1.14% from last week and -60.56% from one year ago.
.US Oil Rig Count
In depth view into US Oil Rig Count including historical data from 1987, charts and stats.ycharts.com
Rig count is a very good indicator.. When Obama took office the rig count went higher than it had been in 40 years for one reason.. The ppb went to $100