Update on Drill Baby Drill

 

Baker Hughes publishes updates on on North American rotary oil and gas rigs weekly and International counts are updated once a month. This past week, the U.S added one rig while in Canada, 19 rigs were apparently shut down. Is the reduction in Canadian drilling due to the economic conflict over tariffs the Trump administration has chosen to take up against a neighbor? 

Gas Buddy publishes updated gasoline prices by state. Checking today's published prices, the median cost for a gallon is $2.97. 

Are oil companies anticipating an economic slowdown? Is "Drill Baby Drill" off and running or off the table, for now?