Oil price spikes raise recession threat
That's not to say that production hasn't returned at all. The number of oil and gas rigs for the week ending Friday rose for the ninth time in the last 10 weeks, according to data from oilfield services company. The number of oil rigs now stands at 527, which is the highest since April 2020. However, the number is still sharply below pre-pandemic levels, which had been above 700 rigs.
"That's not good for the consumer. That's also not very good for the industry," noted another conference goer. The national average for a gallon of gas topped $4 on Sunday, and prices have jumped further over the course of the week.Attendees ahead of the 2022 CERAWeek by S&P Global conference in Houston, Texas, U.S., on Sunday, March 6, 2022.
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