Somber Milestone – US Rig Count Hits Lowest Level in 68 Years
Baker Hughes released their weekly rig count numbers last Friday (see full report below). We typically don’t report on the weekly ups and downs of rig counts, preferring to check in on a monthly basis to get an idea of the overall trend. But last week’s weekly report was historic, which is why we’re commenting on it now. Baker Hughes began tabulating weekly rig counts 68 years ago. The number of working rigs in the United States last Friday hit 480–the lowest number on record since Baker Hughes began keeping records. While the Marcellus count went up by 3 last week, right now there are only 19 rigs operating in Pennsylvania–less than before the Marcellus boom began and down from the high water mark of 114 rigs operating in 2012. When rigs are operating, it means jobs and economic stimulus for a community and region. It also means landowners get royalties, and that money gets invested and/or spent in a community. The converse is also true: no rig activity, fewer jobs and economic impact. Therefore the number of rigs operating is always of keen interest…
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Here’s what just happened. A family in Dimock, PA admits, under oath on the witness stand, that their water had too much methane in it BEFORE Cabot Oil & Gas began to drill nearby. The same family, the Elys, later built a 22-room, $1 million mansion on the same property AFTER they admit there was trouble with the water. And a jury decides to find Cabot at fault–and award that family $2.75 million. The other family got $1.49 million. That’s called brain-dead. A total miscarriage of justice–stupidity on the same level as the OJ Simpson jury. The AP has written a story trumpeting the verdict, and every liberal backwater newspaper across the continent is now carrying it. It makes no difference that Cabot has asked the judge to set aside the verdict–a very real possibility. It makes no difference that Cabot will appeal the verdict if the judge doesn’t set it aside (there was no evidence in the case!)–and will likely win such an appeal. The damage is now done in the court of public opinion. No-nothings will read the headline and say, “Yep, Josh Fox had it right in Gasland. That nasty gas driller polluted those poor people’s wells in Dimock. Jury said so.” Case closed. This is a dark day in our fight against fossil fuel haters and climate change radicals. They will regurgitate this verdict from now until long after we’re all dead…