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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  
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Sneakers55
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Message Posted: Sep 1, 2012 9:46:11 AM
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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 9:40:28 AM
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credibility...we had it 4 yrs ago
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bikerchicklette
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ok
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LetemEatCake
Champion Author Oklahoma City

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Message Posted: Aug 30, 2012 11:35:37 PM
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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 6:21:50 PM
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Garbage in, garbage out.
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sydb7
Champion Author Atlanta

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Ok. I guess!
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FNB1967
Champion Author Ontario

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Message Posted: Aug 30, 2012 2:07:22 PM
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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 12:25:12 PM
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IrishCowboy, I share your shock. Ha!
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IrishCowboy
Champion Author Fort Wayne

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Message Posted: Aug 30, 2012 11:44:11 AM
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Really, our government not telling the truth?
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W4YAH
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Message Posted: Aug 30, 2012 11:38:12 AM
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Go figure!
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rbrowdersr
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Message Posted: Aug 30, 2012 11:34:36 AM
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I'm so surprised.
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19sheldon43
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Message Posted: Aug 30, 2012 10:51:53 AM
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Figures don't lie, but liars figure
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Catfish93001
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Message Posted: Aug 30, 2012 10:40:39 AM
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So it's all guesswork...
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LoadToad
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Always looking for a way to reduce taxes.
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BudsterMO
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Message Posted: Aug 30, 2012 10:31:05 AM
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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 10:26:31 AM
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...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 10:19:19 AM
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BS AND MORE BS
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dlzastera
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Message Posted: Aug 30, 2012 10:14:49 AM
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okay
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Heltonw
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Message Posted: Aug 30, 2012 10:14:30 AM
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Too much speculation.
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Bigtex09
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interesting
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HATinMUNDY
Champion Author Michigan

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Time will tell.....
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TopGunn
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Message Posted: Aug 30, 2012 10:10:17 AM
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Maybe some of this unverifiable data will run some of the speculators out of business.
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Ticoman54
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Message Posted: Aug 30, 2012 10:09:15 AM
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This article is about as worthless as the energy data that it faults.
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OnEmptyMO
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Message Posted: Aug 30, 2012 10:08:57 AM
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Fracking boom?
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Digger52
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Message Posted: Aug 30, 2012 10:08:37 AM
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Really???!!!
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q2
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ok
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braves89
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Message Posted: Aug 30, 2012 10:04:28 AM
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false info from a government agency ican't believe it!
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nanu4u21
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Message Posted: Aug 30, 2012 10:04:10 AM
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ok
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Sneakers55
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Message Posted: Aug 30, 2012 10:03:58 AM
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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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ok
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traumer
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Can't trust anyone.
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chillyman3
Champion Author Illinois

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Message Posted: Aug 30, 2012 10:02:49 AM
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What about the oil reserves declining.... THAT'S HUGE LIE
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AcuraTSX
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Message Posted: Aug 30, 2012 10:02:10 AM
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Well...not surprised.
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geezrtek
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Message Posted: Aug 30, 2012 10:01:13 AM
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The devil is in the details.
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mswillia
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Message Posted: Aug 30, 2012 10:00:57 AM
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as with any government data
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liao
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We just want the real truth.
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Taurus1
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Message Posted: Aug 30, 2012 9:57:56 AM
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Hmmmmm.....
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frugalking
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Okay.
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slayur
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ok
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dlemma
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Message Posted: Aug 30, 2012 9:52:07 AM
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once we have adults in the White House, watch the counts SKYROCKET.
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Wolfwings
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Message Posted: Aug 30, 2012 9:50:08 AM
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And THIS article says: " it may sometimes be an arbitrary and misleading "...
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deaconjones
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Message Posted: Aug 30, 2012 9:48:24 AM
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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
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over time the truth always come out
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BigDenOH
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Message Posted: Aug 30, 2012 9:47:15 AM
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What? Misleading?
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JoeKR
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Message Posted: Aug 30, 2012 9:46:51 AM
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"... an arbitrary and misleading gauge ..."

Just like the information that sends speculators swarming!
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msgt_usa
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Message Posted: Aug 30, 2012 9:46:18 AM
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Spot on Diesel Ram
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zdcatc12
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Figures
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goalie1950
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Message Posted: Aug 30, 2012 9:46:02 AM
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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
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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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ok
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