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oil price

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Keep the pressure on so drilling is not impeded but this clarifies some of the sudden surge in price. It is so typical that when the price per barrel is far lower than production cost as it was not that long ago and drillers are going broke no one cares. Ukraine exacerbated todays the problem but as we came out of covid and people went back to traveling by car and plane, demand was already outstripping supply. Todays WSJ Drilling Increase Won’t Spur Output American frackers are raising the number of drilling rigs in oil fields by more than 20%, but don’t expect a similarly sized increase in production. Though the number of active U.S. oil-directed rigs has grown by roughly one-fifth in the past six months, much of the new activity is to make up foradepleted inventory of wells drilled before the pandemic, executives said. Frackers brought the best of those online last year instead of drilling new ones and will have to drill more than usual this year to offset those lost wells. Following calls by the Biden administration and others to raise production and help quell rising oil prices following Russia’s invasion of Ukraine, Please turn to page B2

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