Big Oil: There Is No “Peak Oil”

Steve Milloy over at JunkScience.com posted an interesting stat recently
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Gas Savings = Chipotle

Business Insider had this post about Americans saving money at the gas pump. You can read the whole post here.
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Another Drop in Oil Rig Production

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Baker Hughes is showing another 43 oil rigs taken out of production which means it now has passed the “500 Mark” of rigs out of production. The total count of rigs out of production compared to this time last year now stands at 502.

Oil Rig Production Continues Plunge

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Oil rig production continues its plunge and gas prices are starting to show that. Here is the latest data on oil rigs:

The number of active U.S. land rigs plunged by 98 this week in one of the biggest declines in the past three decades as fallen oil prices continued to pummel the industry’s drilling ambitions.

Baker Hughes’ 71-year-old U.S. rig count, one of the industry’s go-to indicators of future oil production and demand for rigs, was down by 406 drilling units compared to Feb. 13, 2014. The last time the rig count fell by 98 was in January, 2009 – the two declines are tied for the biggest drops since 1987.

H/T Fuel Fix