Kadiddelhopper here's the logic . The operating rig count in Jan 1 2019 for the USA was 1,065 compared to 779 last week . Biden has been begging for companies to dramatically increase their production . Most majors are just drilling enough to replace their decline rates .
In the past with oil at $ 80 oil companies would have been drilling their brains out . In 2019 when there were 1,065 rigs working WTI was $ 47 .