Obama does not get or claim credit for all the drilling. But …
- He sure has let it rip. (Did they strike oil?)
- Amazing as it is, it did not bring gas prices down. Click here for why.
zFact: This is the biggest oil-drilling surge in 30 years, and likely the biggest ever.(1) The 1981 surge may have involved more rigs, but today's rigs can drill much faster, more flexibly and more accurately. (Before 1987, oil & gas rigs are not separated in the data.)
- This is the best oil-industry data — Baker Hughes. (exact data(2) See North American Rotary Rig Counts, tab 9, "US Oil & Gas Split." )
- If you see data that shows a much lower drilling spike, look closely and you will find that it includes drilling for natural gas. (3) That has been slowing down because the price of natural gas has plummeted. This graph is for oil drilling, and that's what counts for gasoline.
See the unprecedented impact of Drill-Obama-Drill.