173: Not a New Record, Back to Tying the Record

173 active drilling rigs in North Dakota.

Just doing "our" part to support President Obama's Sputnik moment: drill, drill drill!

I honestly never thought I would hear President Obama calling for increased drilling! Steven Chu and Ken Salazar must be spinning.

But I have said many times: President Obama's worst nightmare: $100 oil and 10% unemployment.

President Obama: "Let's Drill, Drill, Drill"

Updates

March 12, 2011: Administration opening up Gulf. Too little too late?

BHP Billiton PLC said Saturday that the permit will allow it to get back to work in its Shenzi field, located about 120 miles off Louisiana's coast. The well, about 4,300 feet below the surface, began production in March 2009, but drilling stopped last year amid the backlash to an April 2010 blowout of a BP PLC well in the Gulf of Mexico.

The article doesn't say, but there have been comments that the court had to step in to force an "up or down" decision by the administration on whether to get around to making a decision. I don't know the details, but if that's accurate, the AP was not helpful in providing full story.

Original Post

Headline: Obama Blames Oil Companies For Lack of Drilling

In his Friday press conference to discuss gas prices, President Obama was rather defensive, straining to counter the notion that his administration has been unfriendly to oil drilling, something most people would like to see a lot more of these days.

Flashback -- State of the Union Address, 2011: President Obama mentioned the word "oil" twice in that speech (download it here, and do a word search for "oil" to confirm; twice the word "oil" shows up):

First time:

With more research and incentives, we can break our dependence on oil with biofuels, and become the first country to have 1 million electric vehicles on the road by 2015. 

Second time:

We need to get behind this innovation. And to help pay for it, I'm asking Congress to eliminate the billions in taxpayer dollars we currently give to oil companies. I don't know if you've noticed, but they're doing just fine on their own. So instead of subsidizing yesterday's energy, let's invest in tomorrow's. 

And that was the administration's energy policy: transfer oil profits to subsidize coal-powered vehicles.

Meanwhile GE accelerates its transition into oil diversification with another acquisition. What's good for GE is good for the country, I suppose one could say. After all, the administration's economic czar is the CEO of GE.

Miscellaneous issues:

Permitorium
EPA targets fracking
Onshore delay of drilling permits
Increase taxes on oil companies
Windfall profit taxes
The Steve Chu effect
Plan A: wind and solar energy
No Plan B


I can't make this stuff up.

Traveling Today -- Minimal Posting

Several wells off confidential list today.  Most are "DRL" status; disappointing. Probably waiting to be fracked.

Of those reporting, EOG and Murex reported a couple of relatively good wells:

• 19018, 927, EOG, Van Hook 15-15H, Van Hook, Bakken
• 19004, 1,440, EOG, Mandaree 12-07H, Squaw Creek, Bakken
• 18714, 900, Murex, Brian Webb 32-5H, McGregor, Bakken