Oil companies are receiving major criticism over recent profits as gasoline prices continue to soar. The truth, however, is that the number of rigs drilling for oil in the United States is steadily rising. Baker Hughes estimates that U.S. oil companies have increased drilling by as much as 60% over the past year. One of the latest lines of attack in the finger-pointing over rising gasoline prices goes like this: U.S. oil companies are sitting on a huge number of permits, content to reap enormous profits while they refuse to drill for oil. This is mostly false, but with a kernel of truth that is never taken in context. So let’s discuss what’s really happening. The truth is that 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%. In fact, […]