Fired Up! Ready to Drill!

The American Petroleum Institute reports that U.S. oil and natural gas companies are getting back to work, a good sign that the economy is on the mend.

API reports that 11,300 oil wells, natural gas wells and dry holes were drilled in the third-quarter of 2010 – up 45 percent from the same period in 2009.

Another break in trend – oil well completions in the third quarter surged 60 percent versus the same quarter last year, while natural gas completions rose only 28 percent.

Looking at the first nine months of 2010 as a whole, oil well completions are up 21 percent, while natural gas is down 3 percent.

The director of API’s statistics department, Hazem Arafa, says the increase in exploratory wells “demonstrates the industry’s continued commitment to finding new energy sources to meet growing U.S. and world demand.”