US rig drop doesn't mean sky is falling: EIA

THE US Energy Information Administration has provided some soothing balm for doomsayers who see the US' declining rig count as evidence of the industry's Armageddon.

US rig drop doesn't mean sky is falling: EIA US rig drop doesn't mean sky is falling: EIA US rig drop doesn't mean sky is falling: EIA US rig drop doesn't mean sky is falling: EIA US rig drop doesn't mean sky is falling: EIA

In an Australia Day release, the EIA gave a more tangible idea of when drilling will actually decline for oil prices to rebound, saying a backlog of up to seven months needs to first be sorted out

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