03-03-2016, 01:31 AM
U.S. oil drilling lowest since 1859, only 502 active oil rigs.
Oil expected to pass $150 or higher once inventories run out
3-2-2016
U.S. oil and gas drillers ready to party like it's 1859
The energy business in the U.S. is about to travel 150 years back in time.
Oil and gas companies have cut so much spending amid the biggest price crash in a generation that there are only 502 drilling rigs still active in the country
“While there is no consistent series for drilling activity before 1948, we think it likely that to find a lower level of activity would require going back to the 1860s, the early part of the Pennsylvania oil boom,” Hornsell said in a research note today.
The Pennsylvania oil rush began in 1859, when Colonel Edwin Drake struck rock oil near the town of Titusville in the western part of the state.
Oil expected to pass $150 or higher once inventories run out
3-2-2016
U.S. oil and gas drillers ready to party like it's 1859
The energy business in the U.S. is about to travel 150 years back in time.
Oil and gas companies have cut so much spending amid the biggest price crash in a generation that there are only 502 drilling rigs still active in the country
“While there is no consistent series for drilling activity before 1948, we think it likely that to find a lower level of activity would require going back to the 1860s, the early part of the Pennsylvania oil boom,” Hornsell said in a research note today.
The Pennsylvania oil rush began in 1859, when Colonel Edwin Drake struck rock oil near the town of Titusville in the western part of the state.