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Widely eyed US energy data seen providing false readings

Reuters -- Energy investors have taken bets for years on what they thought was an important indicator of future energy production: the weekly rig count data provided by oil service firms.

They may want to be careful about how much money they put on the table.

A Reuters analysis of the data, and interviews with officials at companies involved in collecting and compiling it, shows that it may sometimes be an arbitrary and misleading gauge subject to revisions.

The culprit appears to be the fracking boom and the complex geology that has made it much more difficult to decide whether a rig is likely to discover oil or gas in large quantities, often leading companies to rely on guesswork when drilling begins.

At stake is not only the direction of U.S. natural gas prices, but the credibility of U.S. ..


Read the Full Article

Submitted Aug 30, 2012 By: BurntOrange
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Widely eyed US energy data seen providing false readings Back to Topics
REPLIES (newest first) Post a Reply
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Sneakers55
Champion Author Houston

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Message Posted: Sep 1, 2012 8:46:11 AM

On Aug 30, 2012 11:44:11 AM, IrishCowboy wrote:

>Really, our government not telling the truth?

The data in question is collected by Baker Hughes and Schlumberger, both private firms. Not the US Government.
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milespergallon
Champion Author Illinois

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Message Posted: Sep 1, 2012 8:40:28 AM

credibility...we had it 4 yrs ago
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bikerchicklette
Champion Author Washington

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Message Posted: Aug 31, 2012 7:44:23 AM

ok
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LetemEatCake
Champion Author Oklahoma City

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Message Posted: Aug 30, 2012 10:35:37 PM



Another good article BurntOrange...thanks for posting!
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snappytom2
Champion Author Corpus Christi

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Message Posted: Aug 30, 2012 5:21:50 PM

Garbage in, garbage out.
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sydb7
Champion Author Atlanta

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Message Posted: Aug 30, 2012 2:24:28 PM

Ok. I guess!
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FNB1967
Champion Author Ontario

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Message Posted: Aug 30, 2012 1:07:22 PM

It's pretty bad when guess work is still involved with today's technology
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Grandpa297
Sophomore Author Illinois

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Message Posted: Aug 30, 2012 11:25:12 AM

IrishCowboy, I share your shock. Ha!
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IrishCowboy
Champion Author Fort Wayne

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Message Posted: Aug 30, 2012 10:44:11 AM

Really, our government not telling the truth?
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W4YAH
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Message Posted: Aug 30, 2012 10:38:12 AM

Go figure!
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rbrowdersr
Champion Author Detroit

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Message Posted: Aug 30, 2012 10:34:36 AM

I'm so surprised.
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19sheldon43
Champion Author Los Angeles

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Message Posted: Aug 30, 2012 9:51:53 AM

Figures don't lie, but liars figure
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Catfish93001
Champion Author Ventura

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Message Posted: Aug 30, 2012 9:40:39 AM

So it's all guesswork...
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LoadToad
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Message Posted: Aug 30, 2012 9:34:58 AM

Always looking for a way to reduce taxes.
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BudsterMO
Champion Author Kansas City

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Message Posted: Aug 30, 2012 9:31:05 AM

OK, oil industry, remember your ethics classes (if you ever had any) honesty is mandatory!
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HuoXingC
All-Star Author Oakland

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Message Posted: Aug 30, 2012 9:26:31 AM

...what, like the U.S. had a lot of credibility to begin with? There's a reason why other nations criticize us for always doing things "under the table."
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flyfast
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Message Posted: Aug 30, 2012 9:19:19 AM

BS AND MORE BS
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dlzastera
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Message Posted: Aug 30, 2012 9:14:49 AM

okay
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Heltonw
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Message Posted: Aug 30, 2012 9:14:30 AM

Too much speculation.
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Bigtex09
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Message Posted: Aug 30, 2012 9:14:01 AM

interesting
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HATinMUNDY
Champion Author Michigan

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Message Posted: Aug 30, 2012 9:10:31 AM

Time will tell.....
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TopGunn
Champion Author Baltimore

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Message Posted: Aug 30, 2012 9:10:17 AM

Maybe some of this unverifiable data will run some of the speculators out of business.
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Ticoman54
Champion Author Miami

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Message Posted: Aug 30, 2012 9:09:15 AM

This article is about as worthless as the energy data that it faults.
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OnEmptyMO
Champion Author St. Louis

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Message Posted: Aug 30, 2012 9:08:57 AM

Fracking boom?
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Digger52
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Message Posted: Aug 30, 2012 9:08:37 AM

Really???!!!
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q2
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Message Posted: Aug 30, 2012 9:05:16 AM

ok
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braves89
Champion Author Chicago

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Message Posted: Aug 30, 2012 9:04:28 AM

false info from a government agency ican't believe it!
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nanu4u21
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Message Posted: Aug 30, 2012 9:04:10 AM

ok
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Sneakers55
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Message Posted: Aug 30, 2012 9:03:58 AM

On Aug 30, 2012 9:48:24 AM, deaconjones wrote:

>FALSE INFO....I JUST CAN'T BELIEVE IT.....NOT FROM OUR GOVERNMENT.....

If you would have read the first sentence of the snippet, you would have learned that the count comes from oil service firms. Not the Government.

Stop your Obama bashing.
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puinsai808
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Message Posted: Aug 30, 2012 9:03:02 AM

ok
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traumer
Champion Author Twin Cities

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Message Posted: Aug 30, 2012 9:03:01 AM

Can't trust anyone.
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chillyman3
Champion Author Illinois

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Message Posted: Aug 30, 2012 9:02:49 AM

What about the oil reserves declining.... THAT'S HUGE LIE
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AcuraTSX
Champion Author Ohio

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Message Posted: Aug 30, 2012 9:02:10 AM

Well...not surprised.
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geezrtek
Champion Author Michigan

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Message Posted: Aug 30, 2012 9:01:13 AM

The devil is in the details.
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mswillia
Champion Author Milwaukee

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Message Posted: Aug 30, 2012 9:00:57 AM

as with any government data
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liao
Champion Author Montreal

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Message Posted: Aug 30, 2012 8:59:02 AM

We just want the real truth.
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Taurus1
Champion Author Ohio

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Message Posted: Aug 30, 2012 8:57:56 AM

Hmmmmm.....
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frugalking
Champion Author Twin Cities

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Message Posted: Aug 30, 2012 8:57:40 AM

Okay.
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slayur
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Message Posted: Aug 30, 2012 8:52:48 AM

ok
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dlemma
Champion Author Wyoming

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Message Posted: Aug 30, 2012 8:52:07 AM

once we have adults in the White House, watch the counts SKYROCKET.
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Wolfwings
Champion Author Delaware

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Message Posted: Aug 30, 2012 8:50:08 AM

And THIS article says: " it may sometimes be an arbitrary and misleading "...
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deaconjones
Champion Author Cleveland

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Message Posted: Aug 30, 2012 8:48:24 AM

FALSE INFO....I JUST CAN'T BELIEVE IT.....NOT FROM OUR GOVERNMENT.....I'LL WAIT FOR NOBAMA TO COME OUT WITH THE FACTS....AS HE ALWAYS SAYS, AMONG OTHER THINGS, LET'S NOT RUSH TO JUDGEMENT.....
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DJRIO
Champion Author Miami

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Message Posted: Aug 30, 2012 8:47:27 AM

over time the truth always come out
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BigDenOH
Champion Author Cincinnati

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Message Posted: Aug 30, 2012 8:47:15 AM

What? Misleading?
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JoeKR
Champion Author New Jersey

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Message Posted: Aug 30, 2012 8:46:51 AM

"... an arbitrary and misleading gauge ..."

Just like the information that sends speculators swarming!
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msgt_usa
Champion Author Virginia

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Message Posted: Aug 30, 2012 8:46:18 AM

Spot on Diesel Ram
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zdcatc12
Champion Author San Antonio

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Message Posted: Aug 30, 2012 8:46:08 AM

Figures
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goalie1950
Champion Author Phoenix

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Message Posted: Aug 30, 2012 8:46:02 AM

The government providing false information to the people. Would never happen. Yah right!!! The Obummer administration has been the biggest promoter of twisted and distorted statistics in all categories of any Presidency. Publish the numbers so they look and say what you want.
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Diesel_Ram
Champion Author Dallas

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Message Posted: Aug 30, 2012 8:44:27 AM

Data can be presented in so many different ways and shown to support whatever you want it to.
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roland1971
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Message Posted: Aug 30, 2012 8:42:53 AM

ok
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