Energy News Today

Petroleum industry activity shows growth Alex Mills column

The U.S. oil and gas industry shows signs of increased activity even though the federal bureaucracy continues to throw roadblocks in the way of the path to recovery.

This week there were reports of the U.S. drilling rig count continued its upward march, permits to drill are on the rise in Texas, and capital expenditures are up. The Baker Hughes rig count stands at 693 up from 250 in April 2020.

The Texas Railroad Commission issued  1,035 permits to drill, which is a 51% increase compared to March 2021. Halliburton, a large service company, said it expects drilling and production spending to increase 35% this year.

The Texas Workforce Commission reported 184,700 were working in the oil and gas industry in February compared to 163,000 a year ago.

The increase in activity can be attributed primarily to the short supply of crude oil and natural gas globally, which has caused prices of oil to rise from $70 per barrel in January to around $100 today and natural gas prices to increase from roughly $3 to $7.

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2022-04-23 00:01:25

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