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.
Between February and July 2020, the rig count plunged by over 70% as demand for oil plummeted. There are a number of consequences from this plunge that we are still living with today, and that are driving oil prices higher.
This manpower shortage also impacts oilfield services and supplies. Sand used for hydraulic fracturing, for example, is in. That won’t necessarily limit drilling, but it will limit how quickly an oil well can start producing oil. Critics of the oil and gas industry have seized on this financial discipline as proof that oil companies are holding back production. However, one of the biggest criticisms about the shale boom over the past 15 years is that the oil companies never make consistent money. Indeed, if you look at the financials of many oil companies, they lost money in four of the past ten years.
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