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U.S. Rig Count Up 23 This Week
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Oil services firm Baker Hughes (BHI) said the number of rigs exploring for oil and natural gas in the U.S. rose by 23 this week to 1,396. There were 926 rigs exploring for natural gas, 456 exploring for oil and 14 listed as miscellaneous.

Texas gained 23 rigs, Colorado gained three, North Dakota gained two and Oklahoma and Pennsylvania each gained one, according to the Associated Press. Louisiana lost 10 rigs, New Mexico lost two and California lost one, the AP reported. Rig counts in Alaska, Arkansas, West Virginia and Wyoming were unchanged.

For the month of February, Baker Hughes said the U.S. rig count was up 83 to 1,350. That is 2.3% higher than in February 2009. February's international rig count was up 2% from January to 1,068 rigs. That is a 4.7% increase from February 2009.

Crude for April delivery rose 1.6% to close at $81.50 during Friday's NYMEX trading session. That is the highest level in nearly two months. A better-than-expected February jobs report was identified as one catalyst that help oil prices higher on Friday. April crude futures were up 2.3% this week.

Peak Oil Facts

Peak Oil - The term Peak Oil is very over used and misunderstood. Peak oil does not mean the end of oil production. Peak Oil, A Brief Description

Saudi Arabia - The largest oil producer on the planet is also the most secretive about their production and reserves. Saudi Arabia, Smoke and Mirrors

China - Much is said about China's growing oil demand with consumption in China up +250% over the last four years. China, A Bear on the Prowl

Oil Production - It is very tough to get accurate numbers on global oil production since OPEC chooses not to release any data. Global Oil Production

Oil Demand - Global oil demand is a very hard number to pin down but it is safe to say that demand will exceed supply very soon. Global Oil Demand

Bakken Shale - What about the trillions of barrels in the Bakken Shale in North Dakota? Bakken Shale

Read more about Peak Oil here: Peak Oil Facts




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