Oil & Gas rigs don't lie

I wish I could take credit for that snappy title but that I can't. If I did, I'd be pulling a Biden-style plagiarism. The title comes from Phil Flynn's Daily Energy Report. Phil's report opens by saying "A disjointed US energy policy is restraining US oil and gas output that should be much higher than it is. Ill-advised releases from the strategic petroleum reserves, laughable price caps, and a slew of nonsense regulations have hampered the US oil and gas industry and have hurt the US economy. You can say that the record US oil and gas production by the EIA is proof that the Biden administration has not restrained US oil and gas output but if you look at the US oil and gas rig count and talk to people in the oil and gas industry, you know that is incorrect. Rig counts don’t lie, and energy industry leaders are left scratching their heads as to a regulatory environment that is based on optics and politics and has little to do with reducing carbon emissions."

When I spoke briefly with Phil this morning, I asked him whether the Biden admininstration was using the EIA, aka Energy Information Agency, to gaslight people, including me, I got a quick, affirmative reply. Simply put, the Biden administration is using fuzzy math to spin their Green New Deal policies. Think of all the times Biden has whispered into the microphone and said "It's working":

To Joey Baby: No, it isn't. The price at the pump is rising again. Home heating bills are expected to be higher than last year's record-high prices. That's what the middle class and the working class call a failure.

The reality is that the rig count in the United States continues to fall despite higher prices. While oil prices are up 12% year to date, the US oil rig count is down by more than 18% and the drilled but uncompleted well count is down much more than that. Friday the Baker Hughes rig count showed that the total overall rig count fell from 641 rigs to 630 last week. The oil rig count fell from 515 rigs to 507 horizontally. Shale rigs in the Permian basin fell by 4 to 300, the lowest level since March 2022. What that shows is shale oil production in the United States is faltering. That is why OPEC and Russia feel confident that they can maintain their production cuts because they know that the US won’t respond to market conditions because of a dysfunctional regulatory environment.
Everything points to the Biden administration cooking the books or gaslighting the American people. Think about that. Rather than making the adjustment and fixing this crisis, Biden just lies to us.

I'm tired of people saying something like 'Wow. I'm shocked that politicians are crooks.' Why put up with this systemic corruption year after year? Shouldn't we demand people of integrity in important agencies?

Republicans criticize Biden's corruption but then support Trump, who isn't any less corrupt than Biden. FYI- The indictmentns are a sham but his outright lying about Gov. DeSantis is the personification of a lack of integrity.

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