The ongoing drop in the number of drilling rigs searching for crude oil now exceeds the collapse in natural gas rigs suffered back in the 2008-2009 period. Our pic of the week illustrates the similarity in size and pace between the respective oil and gas drilling collapses. Crude rigs are off
The U.S. drilling rig count is now down 55% since September 2014. The decline has reached 60% in both Texas and North Dakota.
Our pic-of-the-week highlights changes in the latest data that suggest we may be getting much closer to a near-term bottom in the rig count. Most importantly, the overall
Layoffs in the oil and gas sector are now clearly weighing on overall employment in the top-tier energy-producing states. Our pic-of-the-week illustrates the sharp slowdown in job growth in the energy states relative to the non-energy states in just the past six months. In sharp contrast to the strong labor market conditions enjoyed in most other states,
Yes, those states with the highest education levels do tend to have the highest average incomes. In fact, the relationship is remarkably strong and consistent across the 50 states. Our pic-of-the-week shows the relationship between per capita income and the average number of years of schooling across the states in 2013. As you might suspect, the traditional high income (e.g. MA, CT, MN, CO, NJ, MD) and low income (e.g. WV, MS, AR, KY, AL) states generally have education levels to match.
Is the U.S. the only major crude producer with large production gains that are driving crude prices? The short answer is, yes. Since early 2009, more than half of the net gain in worldwide petroleum production is attributable solely to domestic U.S. gains. As our pic of the week shows, total worldwide petroleum production – which includes crude oil, liquids, condensate, and refined petroleum products – is up about 10 million barrels per day since early 2009. The U.S. accounts for nearly 6 million barrels of the gain.