Folks in other countries are not fools. They know they can take advantage of the situation right now and increase business (drilling) in their own territorial waters while we struggle.
How serious is the drilling retrenchment in the Gulf? I’ll give you one statistic today.
As of mid Dec. 23 rigs were drilling in deep water (If you remember, most shallow wells have been drilled and deep water is where it’s at if we are to try to become independent on foreign oil) as compared to the 52 just before the Deep Water Horizon well exploded in late April. This is info from the Louisiana Dept of Natural Resource.
I’ll give you more reasons in the next blog.