Chart showing why gasoline prices will go back up in 2016

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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

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.”