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03/23/09 @ 03:52:41 PM MDT
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Much has been made by Minority Leader Josh Penry that fear of coming oil and gas regulations is killing the industry and killing jobs. However, maybe we should look at some actual data to determine if there's any validity to that. The other day Penry referred to this site that tracks drilling rig activity. So, let's look at that.
From the site, I pulled the active drilling rig count for each week going back one year. I did this for Colorado, New Mexico, and Wyoming. To the spreadsheet I created I also added funds related to oil prices (iPath S&P GSCI Crude Oil Total Return, listed on the NYSE as "OIL") and natural gas (Natural Gas Services Group, Inc, listed on the NYSE as "NGS". It was easy to get this data into a spreadsheet from google's financial page here. and here Not, being satisfied those funds accurately represent true commodity prices, I went and pulled oil futures prices over the past year.
Here's what I got.
click for larger image
more after the fold.
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