Obama has defeated the American oil industry, for the benefit of Saudi Arabia and OPEC. Investment has gotten so bad here, the rig count is about to dive under 500, or 1948 levels–when we were doing absolutely nothing at all. After that, we will soon approach civil fucking war rig count levels.
Oil and gas companies have cut so much spending amid the biggest price crash in a generation that there are only 502 drilling rigs still active in the country, according to Baker Hughes Inc. In the next few weeks, that could fall below 488, the lowest level in records dating back to 1948, according to Paul Hornsell, head of commodities research for Standard Chartered Bank.
“While there is no consistent series for drilling activity before 1948, we think it likely that to find a lower level of activity would require going back to the 1860s, the early part of the Pennsylvania oil boom,” Hornsell said in a research note today.
Long live the windmill. Wind baby, wind.
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Excellent news. Now every default will bring a spike in CL, as those who cannot pay their huge debts watch the waters calm while their ship sinks to the bottom of the Black Sea. This is how things get better. Some must sink. Sooner that occurs the better.
Obama truly does hate this country though, doesn’t he.
Of course not. G W Bush had exactly the same alliances with Saudi, which probably come from the Military Industrial Complex anyway rather than from the president. But you Right Wingers didn’t accuse him of hating the country– even after W failed to protect us from 9/11 and led us into the Iraq War on the basis of false information.
Your Right Wing “news sources” are lying to you.
What the heck does Obama have to do with it? LOL.
Lifting sanctions on Iran in return for Iran obtaining nuclear bombs certainly didn’t help.
Iran doesn’t have nuclear bombs. Your Right Wing “news sources” are lying to you.
Obama is to blame for all bad things
Actually, I think it is still Nixon, officially.
Remember the $10 per barrel tax Obama proposed a month ago, which he raised even higher after criticism? No way that could pass of course but it does show what he thinks of oil companies.