The Number of U.S. Oil Rigs Has Increased by 7X in 3 Years, Bringing U.S. Production to a 14-Year High

Mark J. Perry has published some very surprising charts showing the increase in U.S. oil rigs. His analysis is also worth a read:

Notice also that there was no national energy policy that facilitated the switch, and neither politicians nor the Department of Energy was involved; it happened naturally and automatically due to the economic principles of market prices, profit maximization, and the invisible hand.

Read the article here.