Photo by Timothy Newman on Unsplash

“Davidson” submits:

The Baker Hughes Rig Count is unchanged. Harold Hamm who just completed the take-private of his Continental Energy commented on the current state of the oil industry:

“This Venezuelan deal, that’s a good example of the desperation that this administration is dealing with,” Hamm said, referring to the administration’s attempts to rein in inflation at the pump.

“They know what they did. They know they took the federal lands off the table,” Continental Resources’ CEO told the FT in an interview. “They know better and shame on them… They want to put oil and gas out of business.” Crude Oil Prices Today | OilPrice.com

The current pace of US crude production has remained flat for nearly 6mos with SPR releases. Now that SPR releases appear to have stopped, it remains to be seen if drilling activity rises to meet current needs. It is too early to tell.

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