Oil Rig Production Drastically Drops

Gasoline prices are slowly rising which is correlating with oil rig production. Baker Hughes Inc. released data showing ninety four more oil rigs taken out of production.

oil rig production

RenewEconomy.com had this write up about the production of oil being shut off:

In just three months, the rig count has fallen by 24 per cent, or 389 from the all-time high of 1,609 recorded for the week of 10 October last year. As Mark Lewis, from Paris-based analysts Kepler Chevreux notes: “In all of the historical Baker Hughes data stretching back to July, 1987, there is no precedent for a drop of this speed or severity.”

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