The demise of the oil industry has been grossly overpredicted. In 1956, a prediction was made that peak oil production in the U.S. would be reached by 1970. U.S. oil production in 1970 averaged 9.6 million barrels/day (mb/d) and then declined to five mb/d in 2008. With so much information available at our fingertips, it is surprising that so many people are now accepting incorrect information as fact. A simple test to try among family and associates is to ask when oil production “peaked” and ask what country produces the most oil.

Baker Hughes reported that 617 drilling rigs were active in the U.S. on April 12. That is three less than last week and 134 less than one year ago. Canada has 141 rigs, up five from last week and up 14 from this time last year.

Baker Hughes reported that 626 drilling rigs were at work in the U.S. on February 23, 2024. That is five more than last week but 127 less than one year ago. Canada has 237 rigs, down three for the week and down 13 from this time last year.