In this week's news, the rig count jumped up by 20-plus for the second time in four weeks; and President-elect Donald Trump is calling for more oil refineries to be built in the US
For the second time in four weeks, the number of rigs searching for oil and natural gas jumped up by 20 or more. In data released by oilfield services company Baker Hughes Dec. 9, the number of rigs active rose by 27 to 624 last week.
The Houston-based company reported that 498 rigs were seeking oil (up 21 from the week prior) and 125 were searching for natural gas (up by six). One rig was listed as miscellaneous. Last year, 709 rigs were active.
Of the major oil- and gas-producing states, Texas went up by 17 rigs, while Colorado was up six, Wyoming up three and Pennsylvania was up two. North Dakota, New Mexico and Arkansas all were up one rig. Declining by one rig each were Alaska, Louisiana and Oklahoma.
Trump Calls for More Oil Refineries in the U.S.
President-elect Donald Trump announced Dec. 9 that he wants to see more oil refineries built in the United States, and pledged to do away with “job-killing restrictions” suppressing the energy sector.
Trump was speaking in Louisiana, one of the nation’s main oil and gas hubs, as he continued his “Thank You” tour following his victory in November over Democrat Hillary Clinton.
According to the General Energy News, Trump says when he takes office his administration will eliminate regulations that undermine the ability of workers and companies to compete. He also says he will cancel the restrictions on the production of American energy, including oil, natural gas and clean coal.
The U.S. refining system is already the largest in the world, with some 139 refineries in operation, according to Davis Refinery. Most petroleum refining operations are along the U.S. Gulf Coast.