US rig count falls again while OPEC+ agree to another large increase in production

MAGA spent all four years of the Biden administration saying that his policies were crushing US oil production, blissfully unaware of record production month after month. Trump campaigned on US oil independence, MAGA proudly claiming his policies would create a huge gain in US output, bringing down fuel prices.

Then Trump takes a Middle East trip, gets Qatar to give his Presidential Library a plane, and seems to have made some under-the-table deals to bring down oil prices, while negatively impacting US production.

Funny stuff.

OPEC+ members agree to larger-than-expected oil production hike in August

US Oil Drillers Continue to Back Off On Price Slump | OilPrice.com

This is the best quote from the oilprice.com article:

"Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, fell during the week of June 27, to 179—the lowest level in over four years. The count is now 36 below where it was on March 21."

Was MAGA ever stupid enough to think that the fossil fuel companies would drillbabydrill, when doing so would bloat supply, drive prices down, and depress profits?

They've maintained their choke hold on us by carefully doling out their products, making sure that a goodly portion of our income goes to them. They're not going to change that, or allow anyone else to.

Besides, they need lots of cash to support their ongoing crusade against EVs and renewable energy.

According to LAM's theory, oil prices s/b higher & supply lower. Gas prices are lower than when the Biden gang was in power. 

Because the economy is going into the shitter, people are worried, and travel is massively down. When Biden was President, the economy was thriving.

Gas prices are always lower in times of economic collapse.

Stupid Tom.

Anyone who knows this business knows that there is a one year lag minimum in policy change effecting rig count.  It takes 2-5 years to build an offshore rig and year plus to get a get a decommissioned offshore rig back in business.  Substantially less for onshore rigs, but not six months. 

Doesn't matter how long it does it doesn't take; they're not going to increase production, either by restarting existing wells or creating new ones. They have no reason to.

All that an increase in supply would do is bring down prices, which is the last thing they want. Especially since demand is already so low, with the economy staggering like a punch-drunk fighter.

Fearmonger.  Drama Queen.  We have 4.1% Unemployment, are setting Stock Market Records, and real wages are increasing.  Economic collapse is characterized by high unemployment, severe recession, and stock market crashes.  And if you call Joe Biden's 40-year record inflation and declining real wages 'Thriving', I've got a bridge and an economics book to sell you.  Still waiting for that 50% inflation, the Oracle of Portland, Kevin, promised.

Oh.  And for the record, US Crude Oil production hit an all-time high of 13.5 million barrels per day in the second quarter of 2025, so even if the number of rigs is down, we're getting more production through some technology advances.

Improved efficiency is enabling record U.S. crude oil production from fewer rigs - U.S. Energy Information Administration (EIA)

Offshore Oil Production Expected to Increase with Advanced Technology and Faster Permitting - IER

This supports Boilerman's post that it takes time to bring on new offshore rigs.  But good for us that the Trump administration is reversing those misguided Biden policies that were trying (unsuccessfully) to end fossil fuels.  

 Kevin just don't know what the fuck he's talking about.  Stupid Kevin.

Kevin doesn't have a clue.  You don't restart wells.  Oh my.

If Kevin's theories on supply and demand are accurate, then no company ever increase production.

The price of admission is worth it when Charles enters the conversation and throws down the fact gauntlet.  Watching these delusional TDS idiots freak out is very satisfying.

And to just think....only half a year into the presidential term.  For those of you counting, that's 3.5 years left.  

I've already refuted and schooled all you MAGA sickos, so I don't need to do it yet again.