U.S. oil and natural gas drilling rose slightly in the third quarter of 2009, but it still was quite sluggish. "API's Quarterly Well Completion Report: Third Quarter" showed that total well completions rose 10.2 percent from the second quarter of this year, but the total number of wells and dry holes was down 46 percent from 2008's third quarter.
Hazem Arafa, API's director of statistics, said the trend is a "clear indication that oil and gas companies, which are facing declining earnings and threats of increased taxes, continued to carefully monitor their expenditures" in the third quarter.
Yesterday on this blog, I outlined some of the new taxes that have been proposed by the administration, but there are other items that also threaten drilling plans of U.S. energy companies. Among them... more »