The people who actually write about oil for a living are stupid.
“The implication was that Saudi Arabia owned the victory. But a three-week-long resurgence of US oil drilling after 21 months of decline suggests that Saudi and the US fought to a draw.”
The US is down over 1200 rigs in the past two years. An uptick of 20 in the past month is neither fighting to a draw or a resurgence, it’s a statistical blip. The US oil industry was beaten to the ground, and stomped on for two solid years. Just because the Sauds stopped kicking doesn’t mean that the US fought them to a draw.
And the US rig count was down again this week. Morons.
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