To bring inflation down to less than 2%, unemployment may have to go as high as 8%. Federal reserve chairman Powell said yesterday that hard landing is possible. Our retirement savings already went down by $3.2 trillion. Blame Putin for everything. Putin did not cancel the oil pipeline. Putin did not cancel oil drilling in America.

Stope blame game and be part of the solution. If you have a bright idea to resolve the problem America is facing, why can't you write an Op-Ed in any of the papers or go FOX news and announce it. You can only reach a very few Malayalees through emalayaelle. Make a call to Powel. One of the latest lines of attack in the finger-pointing over rising gasoline prices goes like this: U.S. oil companies are sitting on a huge number of permits, content to reap enormous profits while they refuse to drill for oil. This is mostly false, but with a kernel of truth that is never taken in context. So, let’s discuss what’s really happening. The truth is that the number of rigs drilling for oil in the U.S. is steadily climbing. The year-over-year increase in the Baker Hughes North America Rig Count is now about 60%. In fact, historically it has rarely climbed at a faster pace than this. Clearly, the notion that oil companies are just sitting on their hands, content to withhold production and squeeze American consumers is false. Since drilling activity is steadily rising, what is the source of the claims that U.S. oil companies aren’t drilling? I think there are two elements behind this misunderstanding. First, many don’t understand the significant lag between drilling and oil production. The drilling count may have risen by 60% over the past year, but U.S. oil production is only up by about 8%. Thus, the conclusion is that U.S oil companies aren’t drilling. As the chart shows, they certainly are, but it takes time for that drilling to produce results. At the same time, depletion of existing wells is also a factor working against the attempts to increase production. The second element is one that has the kernel of truth. The rig count is steadily rising, but it is still significantly below the drilling levels prior to the Covid-19 pandemic. A three-year look at drilling activity shows the dramatic impact of the pandemic, as well as the steady recovery since the rig count began to climb in the fall of 2020.