(Oil & Gas 360) – The Fracking Revolution Working Here & Freedom Growing Over There Have UP The Direction We Head With Prosperity Production Growing Here.
Employment Increasing and it more than expected confirms prosperity producing growth the direction we head. Establishments increasing employment 172,000 in May to another new record high of 159.001 million (Figure 1, red line) was notably better than expected. So was March revised up 29,000 to 214,000 and April revised up 64,000 to 179,000.
More working, producing prosperity is also reflected in increasing value: more stock market record highs. While the new Administration imposing Tariffs last year in April dropped stock prices (Figure 2) and increased fear and uncertainty, the NASDAQ (green line) set another new record closing high of 27,093.90 and the S&P 500 (blue line) 7,609.78 June 2nd. Well up from last year’s April lows. More working producing prosperity is evident in the Oil Index (XOI), the top performer (red line) and the Oil Service Index (OSX, bold line), next. And news now, progress on achieving real Peace in the Middle East (not years more war) needs more working here producing more prosperity ingredients.
Despite recession and inflation fear high along with uncertainty, the percentage of the working-age population unemployed down low highlights growth is where we are and head. The percentage of the working age population unemployed (Figure 3) is a good measure of recession. This down as low as it is continues to indicate U.S. economic growth happening.
More in the world living better lives is an important part of more Americans gainfully employed. Employment and stock markets setting record highs reflect prosperity production increasing. The Fracking Revolution made to work (thank you Geoge Mitchell) had U.S. oil exports surge, from down near only 1.0 million barrels per day (mmbd) in 2007 to 11.384 as the year started (blue dot). While 12.928 the average the last four weeks (red line) reflects more needed because of the effort to end the Ruler’s of Iran’s 40+ years long war for domination, we predict many more soon living peaceful lives will need much more energy as they produce more prosperity and are Blessed by it too.
World crude oil supply disrupted by the effort to end the Rulers of Iran’s war is now drawing U.S. crude oil inventory down. Total U.S. commercial and Strategic Petroleum Reserve (SPR) inventory has been declining much since supply Over There was disrupted (Figure 5, red line).
Nevertheless, the Fracking Revolution having U.S. production setting record highs and much inventory in the Strategic Petroleum Reserve have Commercial Inventory (what is in the oil refining system) at a good operating level. Production up setting new record highs and crude oil drawn from the SPR has Commercial crude oil inventory at 426.5 million barrels (mmb) June 5th (Figure 6, red line), only 5.9 fewer than last year (blue line).
Restoring taking time plus this effort including: VERIYING Peace Actions Truly Happen, supports our prediction: growth and a Bullish Drilling Boom is the direction we head.
By oilandgas360.com contributor Michael Smolinksi with Energy Directions
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