Quote:
Originally Posted by RAIDER56
you nailed it.But is it indeed in the oil companies best interest not to increase supply.Unfortunately many of the stockholders are everyday people who are undecided about whats best for them or best for the country.
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The U.S. rotary rig count was up 27 at 1,889 for the week of May 23, 2008 and is 7.3 percent higher than last year.
The number of rotary rigs drilling for oil is up 5 at 386. The number of rigs targeting oil is 99 greater than last year's level of activity. Rigs currently drilling for oil represent 20.4% percent of total drilling activity.
Rigs directed toward natural gas were up 22 at 1,493. The number of rigs currently drilling for gas is 22 greater than last year's level of 1,471.