A Record Number Of Land Oil Rigs Are Active In The U.S. Right Now

Several factors have pushed America’s inland oil rig count to a record 851.

Oil prices are making it profitable, and we haven’t seen demand destruction yet.

Post-Deepwater regulations caused a rush into onshore drilling.

Horizontal drilling and other techniques have opened up new shale oil reserves.

Here’s a map from Wells Fargo. The hottest basins, like Bakken Shale, produce primarily crude. The declining basins, like Haynesville, produce primarily gas.

chart

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