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History repeats itself?


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http://www.nbcnews.com/id/29495753/ns/business-oil_and_energy/t/oil-producers-running-out-storage-space/

 

With the difference that OPEC did not cut yet and that the U.S. is doing well, it is amazing how similar the story is to today. Of course, there are other differences like the size of U.S. production, better car effiency, but I would also argue that the world is now bigger and global GDP higher.

 

By the way, number of U.S. drilling rigs in use are now down 43% according to Baker Hughes. Down between 40 and 60% at every other down turn.

 

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Fascinating data Liberty and Cardboard. Thanks for sharing. 

What a bust this will be, especially for oil rig owners.

 

 

By the way, number of U.S. drilling rigs in use are now down 43% according to Baker Hughes. Down between 40 and 60% at every other down turn.

 

I was reading something interesting on that the other day:

 

B_YYZN8UcAAhok9.jpg

 

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This article is all false. It was not true in February that only 9% of rigs taken out were in Eagle Ford, Bakken and Permian. It was the majority! They are well indicated by area in every Baker Hughes report.

 

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FWIW, it's from The Economist.

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