A problem with US oil production numbers.

Here are the latest numbers for US petroleum oil/gas rigs https://www.argaam.com/en/reports/rigcountssummary/27240?pre…

As can be seen from the charts the number of rigs in operation is almost directly related to the price of a barrel of oil. The problems arise in that:

  1. you can hit a dry hole so no oil or gas is found
  2. you can hit salt water instead of oil and gas, Southern Louisiana in known for this
  3. it can take months before the well can actually be brought into production as in offshore rigs
  4. The oil is hit but the well is capped to keep the oil from market to keep the prices high

Been there and seen it all.