Rig Count Surges Again To 16-Month Highs (But Where’s The Oil Industry Jobs)

For the third week in a row, the US oil rig count rose dramatically (up 15 to 583 – the highest since October 2015). This is the biggest 3-week surge in rig counts since April 2013… (the biggest 3-week percentage gain since Nov 2009)
Production continues to trend with rig count…
However, as exuberant as this number is, job gains are nowhere to be found as the robotization of the industry (amid more ‘real’ costs of capital) provide no help to Americans…

This post was published at Zero Hedge on Feb 3, 2017.