The latest drilling rig count
- Rigs have declined for 13 straight weeks
- Gas rigs 78 vs 73 prior
There's nothing new under the sun and the pure economics of oil are boom-and-bust. This was an epic bust in oil and it's further undercut by environmental concerns and long-term under-investment because of renewables. I'm certain that the lack of capital going into oil right now is going to leave a material shortage of crude some time in the front half of this decade.
