After years of underinvestment in hydrocarbon supply, rig counts and oil rig inventory (DUCs) are at very low levels considering WTI Crude is trading at $117/bbl.
The ultimate cure for high prices is high prices; however, the marginal producer over the course of the last 10 years (U.S. shale) may be running out of good wells to drill; the logical move would is offshore.
$VAL $RIG