The number of total active drilling rigs in the United States rose by 7 this week, as WTI trades at more than $113 per barrel. The total rig count increased to 670 this week—253 rigs higher than the rig count this time in 2021. Oil rigs in the United States rose by 7 rigs to 531, while gas rigs stayed the same at 137. Miscellaneous rigs also stayed the same. While drilling activity has picked up in the United States over the last few months, U.S. production—a corollary to drilling rigs but with months of lag—has not. While Americans bemoan the high price of gasoline at the pump, U.S. weekly production of crude oil stayed the same for the seventh week in a row at 11.6 million bpd, according to the latest Energy Information Administration for the week ending March 18. The rig count in the Permian Basin was […]