RE:Oil rig count down again....but it doesn't seem to matter
You’ve all heard that old joke about the plane flying from St John’s to Toronto that loses an engine. Passengers are informed arrival time will be delayed by 1 hour. Similar announcements follow for engines 2 and 3. The delay is now 3 hrs. Doing the math, one passenger remarks to another, “Geez, if we lose the last engine we’ll be up here forever.” Is there some bizarre parallel in that joke that applies to the rig count? Can we assume that if the count goes to zero, by extension, prices for oil and gas will join them there? Well, one would have to be a blithering idiot to believe that but I agree that we are flying on just one engine here (rig count) and it really does seem that if we lose it that we could be up here forever. Perhaps the only alternative is to persuade the industry to save themselves and restore the rig count to its former lofty level. Just kidding.