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:
- you can hit a dry hole so no oil or gas is found
- you can hit salt water instead of oil and gas, Southern Louisiana in known for this
- it can take months before the well can actually be brought into production as in offshore rigs
- 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.