Wednesday, March 14, 2012

Chart of the Day: Rig Count Reversal Since 2010

The chart above displays updated data from Baker Hughes on rig counts for oil  and natural gas drilling in the U.S.  Over the last two years, there's been a complete reversal of the share of rigs drilling for oil vs. gas.  In March 2010, there were almost two rigs drilling for oil (926 rigs out of 1,392 total, or 66%) for every rig drilling for natural gas (466 rigs, or 34%), and now that's completely reversed, with 1,296 rigs drilling for oil out of 1,973 total rigs (66% of total) and 670 rigs drilling for natural gas (34% of total), for a ratio of almost 2:1 in favor of oil.

Overall, the number of drilling rigs has increased by 581 over the last two years from 1,392 to 1973, which is an increase of 42%.   

2 Comments:

At 3/14/2012 8:29 PM, Blogger Ironman said...

I suspect we'll be seeing a larger percentage of these on the roads if the trends for both natural gas and gasoline continue....

 
At 3/15/2012 11:03 PM, Blogger Mkelley said...

Imagine the frustration that Obama and his bureaucrats feel over their inability to prevent this domestic production.

 

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