US oil drilling activity jumps to 3-year high
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The number of rigs drilling for oil in the U.S. is steadily climbing. The year-over-year increase in the Baker Hughes North America Rig Count is now about 60%. Historically, it has rarely climbed at a faster pace than this. While drilling may have increased, the U.S. oil production is only up by about 8%. Oil company wants to produce as much oil as they can at current prices, because they will indeed be very profitable with oil prices above $100/bbl. But they can’t immediately toggle production
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