Oil & Natural Gas Rigs decrease in US: Thanks, Trump

[NxNW]

What happened to drill, baby, drill?

US drillers cut oil and gas rigs to lowest since November 2021

May 30 (Reuters) - U.S. energy firms this week cut the number of oil and natural gas rigs operating for a fifth week in a row to the lowest since November 2021, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday.

It was the first time since September 2023 that the number of rigs declined for five straight weeks. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. he oil and gas rig count, an early indicator of future output, fell by three to 563 in the week to May 30.

Baker Hughes said this week's decline put the total count down by 37 rigs, or 6%, from this time last year.
Baker Hughes said oil rigs fell by four to 461 this week, their lowest since November 2021. Gas rigs rose by one to 99.
In the Permian Basin in West Texas and eastern New Mexico, the nation's biggest oil-producing shale formation, drillers cut one rig, bringing the total down to 278, the lowest since November 2021. In New Mexico, drillers cut one rig, bringing the total down to 91, the lowest since December 2021.
For the month, the total count dropped by 24, its third straight monthly decrease and the biggest monthly decline since August 2023.

 

[Richard T]

Trump can't violate the laws of economics. Lower prices mean lower output. That's the law of supply.

I myself never fret that there are restrictions or regulations on USA oil production either. The reason being is that oil left in the ground is still an asset. Better to import at cheap prices now and hold reserves than drill it all out as fast as possible.

 

[essentialsaltes]

What happened to drill, baby, drill?

US drillers cut oil and gas rigs to lowest since November 2021

Trump can't violate the laws of economics. Lower prices mean lower output.

Drill, baby, drill is dead and Trump may have killed it​

Oil giants accuse the US president of ‘kneecapping’ the industry with low prices

US oil production is expected to decline next year.

MSN link

 

[Aryeh Jay]

Clean coal is king.

 

[Desk trauma]

Clean coal is king.

With some lovely new clothes.

 

[NxNW]

Clean coal is king.

I love Nat Clean Coal! Unforgettable is a great tune.

 

[essentialsaltes]

Trump's trying to get more rigs.

Trump faces rare rift with Florida Republicans over offshore drilling plan​

“The new maps released today by @SecretaryBurgum and @Interior outlining potential new offshore oil drilling sites in the Gulf of America are HIGHLY concerning—and we will be engaging directly with the department on this issue,” Sen. Ashley Moody (R-Fla.) wrote in a post on the social platform X.

“Our Administration supports the 2020 Presidential Memorandum [when Trump 1.0 blocked drilling in Florida] and urges the Department of Interior to reconsider and to conform to the 2020 Trump Administration policy,” Molly Best, a spokesperson for DeSantis, said in a statement to The Hill.

The Bureau of Ocean Energy Management’s “updated reserve estimate of 7.04 billion barrels of oil equivalent shows the Central and Western areas will remain prolific for decades, but sustaining the Gulf’s long-term competitiveness means evaluating opportunities in the Gulf of America Program Area B as well,” Erik Milito, president of the National Ocean Industries Association, said in a statement to The Hill, referring to all of the drilling areas proposed by the Trump administration.