Drill Baby Drill?

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U.S. Rig Count Stalls as Oil Prices Keep Drillers in Check

The total number of active drilling rigs for oil and gas in the United States held steady this week, according to new data that Baker Hughes published on Friday, following a 1-rig decrease in the week prior.

The total rig count in the US stayed at 592 rigs, according to Baker Hughes, down 37 from this same time last year amid the pervasive Drill Baby Drill sentiment of the Trump Administration, tariff wars, and sanctions.

The number of oil rigs rose by 1 to 487—down by 23 compared to this time last year. 

https://oilprice.com/Energy/Energy-General/US-Rig-Count-Stalls-as-Oil-Prices-Keep-Drillers-in-Check.html

[Yagoda]

3 minutes ago, placeholder said:

U.S. Rig Count Stalls as Oil Prices Keep Drillers in Check

The total number of active drilling rigs for oil and gas in the United States held steady this week, according to new data that Baker Hughes published on Friday, following a 1-rig decrease in the week prior.

The total rig count in the US stayed at 592 rigs, according to Baker Hughes, down 37 from this same time last year amid the pervasive Drill Baby Drill sentiment of the Trump Administration, tariff wars, and sanctions.

The number of oil rigs rose by 1 to 487—down by 23 compared to this time last year. 

https://oilprice.com/Energy/Energy-General/US-Rig-Count-Stalls-as-Oil-Prices-Keep-Drillers-in-Check.html

Whats your point?

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Trump wants the American oil industry to drill more in order to lower prices. Apparently, he expects them to commit economic suicide in order to promote his agenda. Is that how the free market system works?

[Yagoda]

2 minutes ago, placeholder said:

Trump wants the American oil industry to drill more in order to lower prices. Apparently, he expects them to commit economic suicide in order to promote his agenda. Is that how the free market system works?

You dont know much about the oil industry do you? You have no facts to justify your conclusion other than drill rig numbers, which is one of hundreds of factors to be looked at.

 

You dont like low oil prices btw? Neither does Vlad.

[placeholder]

31 minutes ago, Yagoda said:

You dont know much about the oil industry do you? You have no facts to justify your conclusion other than drill rig numbers, which is one of hundreds of factors to be looked at.

 

You dont like low oil prices btw? Neither does Vlad.

This just shows what a bubble you live in. Oil industry executives have been saying for months that they are not going to drill more in order to accommodate Trump's desire for lower oil prices. 

 

Drill Baby Drill Is Dead, Oil Executives Say

https://oilprice.com/Latest-Energy-News/World-News/Drill-Baby-Drill-Is-Dead-Oil-Executives-Say.html

 

Harold Hamm Sounds the Alarm: Low Oil Prices Could Shut Down US Shale

https://oilprice.com/Latest-Energy-News/World-News/Harold-Hamm-Sounds-the-Alarm-Low-Oil-Prices-Could-Shut-Down-US-Shale.html

 

It looks to me like you're a crypto socialist and you just don't understand how the free market system works.

 

Long live capitalism!

[Walker88]

45 minutes ago, placeholder said:

Trump wants the American oil industry to drill more in order to lower prices. Apparently, he expects them to commit economic suicide in order to promote his agenda. Is that how the free market system works?

Perhaps POTUS is unaware those drilling actually have to pay their suppliers and subcontractors, so actual costs enter into the picture.

 

At <$70/bbl, there are not many opportunities in the US to drill and make a profit. There's a reason Biden left more than 9000 approved drilling leases that no one chose to take up.

 

POTUS does seem to know he can say things that sound good but really have no meaning, and only fool the willfully ignorant, which is to say his supporters.

[placeholder]

28 minutes ago, Walker88 said:

Perhaps POTUS is unaware those drilling actually have to pay their suppliers and subcontractors, so actual costs enter into the picture.

 

At <$70/bbl, there are not many opportunities in the US to drill and make a profit. There's a reason Biden left more than 9000 approved drilling leases that no one chose to take up.

 

POTUS does seem to know he can say things that sound good but really have no meaning, and only fool the willfully ignorant, which is to say his supporters.

It's extraordinary how intermittent is Trump's understanding and that of his legions of MAGA supporters when it comes to understanding capitalism and the free market system.

Given their enthusiastic support of tariffs, I guess we shouldn't be surprised.

[Yagoda]

1 hour ago, placeholder said:

This just shows what a bubble you live in. Oil industry executives have been saying for months that they are not going to drill more in order to accommodate Trump's desire for lower oil prices. 

 

Drill Baby Drill Is Dead, Oil Executives Say

https://oilprice.com/Latest-Energy-News/World-News/Drill-Baby-Drill-Is-Dead-Oil-Executives-Say.html

 

Harold Hamm Sounds the Alarm: Low Oil Prices Could Shut Down US Shale

https://oilprice.com/Latest-Energy-News/World-News/Harold-Hamm-Sounds-the-Alarm-Low-Oil-Prices-Could-Shut-Down-US-Shale.html

 

It looks to me like you're a crypto socialist and you just don't understand how the free market system works.

 

Long live capitalism!

You have misrepresented the contents of the articles. I invite everyone to read them. 

 

By the way, how many other US Oil areas are there besides the Permian?

[placeholder]

22 minutes ago, Yagoda said:

You have misrepresented the contents of the articles. I invite everyone to read them. 

 

By the way, how many other US Oil areas are there besides the Permian?

As usual, you offer no evidence to back up your claim.  Which is not surprising given what the article says. Here's the final paragraph from the article:

"Bottom line: The days of unbridled U.S. shale expansion are over, oil executives say. The industry is moving cautiously, balancing supply growth with financial discipline. Trump may want a flood of new production, but Wall Street wants profits. Right now, Wall Street is winning."

 

How do you reconcile that with "Drill, baby, drill?"

 

Today the price of a barrel of oil in the USA averages $67.18

Here are the costs that are incurred extracting oil from an existing well and drilling a new one:

https://www.statista.com/statistics/748207/breakeven-prices-for-us-oil-producers-by-oilfield/

Not a lot of incentive there to increase the supply to the market. Especially considering the uncertained created by Trump's economic policies and the fact there's a huge amount of new production coming online outside of the USA For example

Guyana’s Buoyant Oil Exports Find Eager Buyers In Europe

https://www.forbes.com/sites/gauravsharma/2025/03/12/guyanas-buoyant-oil-exports-find-eager-buyers-in-europe/

 

There are lots of other pieces in play. On the one hand, Iranian and Venezuelan production will probably suffer. On the other hand, how long will the Saudis put up with restricting their production to accommodate others?

 

 

 

 

[bkk6060]

Nice try they seem to love the new administration. 

 

Oil executives are enthusiastic about the change of administrations in Washington, returning the praise they received from Trump’s energy team during the week.

ConocoPhillips CEO Ryan Lance said Wright and Burgum “understand the business,” describing them as the best energy team the U.S. has seen in decades. TotalEnergies CEO Patrick Pouyanné said he was “impressed by the quality of our counterparts.” Chevron CEO Mike Wirth said the industry is “seeing some reality come back to the conversation.”

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2 minutes ago, bkk6060 said:

Nice try they seem to love the new administration. 

 

Oil executives are enthusiastic about the change of administrations in Washington, returning the praise they received from Trump’s energy team during the week.

ConocoPhillips CEO Ryan Lance said Wright and Burgum “understand the business,” describing them as the best energy team the U.S. has seen in decades. TotalEnergies CEO Patrick Pouyanné said he was “impressed by the quality of our counterparts.” Chevron CEO Mike Wirth said the industry is “seeing some reality come back to the conversation.”

As the saying goes "Talk is cheap". Or to put it another way, "Money talks." Or how about "Put your money where your mouth is."?