Wednesday, August 17, 2011

Rig Count is Up

I have several hobby shops on this blog. One is Education for my present  money-making endeavor, another is Progressivism for my resurgent political activism in response to George W. Bush and Tom DeLay, and yet another is for Geology and Oil and Gas Exploration, for my previous career.

Today it’s Oil and Gas.

Why? Why not?

And besides, today I note a piece in the Houston Chronicle that exposes the lie that the Obama Administration has put the skids on Oil and Gas exploration in the United States.

Big Lie.

Since April, it appears that the Baker Hughes rig count, a kind of pulse of the vitality of the Oil and Gas industry, has been showing that oil wells drilled in the United States have actually exceeded gas wells.

Natural gas wells have been very de rigueur for about 10 years now, ever since some bright boy took horizontal drilling technology and married it to formation fracturing technology, launching a rebirth in natural gas exploration in very gaseous shale formations. Gaseous, but as we said once, tight as a tick and uneconomic.

But now, since oil prices and refined product prices have steadily climbed, especially since the Arab Spring, the Baker Hughes rig count reflects resurgence in oil exploration.

During the Obama Administration.

Republicans, and John McCain and Sarah Palin may have coined the term “Drill, baby drill,” in a thinly disguised knock against African-Americans who originated the motto in the late ‘60’s with “Burn, baby, burn,” but the Obama Administration has enabled oil exploration resurgence that rivals anything except the unbelievable spike of the 70’s to early 80’s.

The Baker Hughes graphic tells it all.

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