According to the American Petroleum Institute (API), domestic oil and gas production activity rose by 38 percent in the second quarter from a year ago. The API estimates that 10,358 oil wells, natural gas wells and dry holes were completed in the second quarter of 2010. These results are in stark contrast to the 22 percent year-on-year decline posted in the first quarter and therefore poke holes in the assumption producers of natural gas are ready, willing and (financially) able to rein in output.

Per the API, “For most of this decade, natural gas had been the primary target of domestic drilling. But with the pace of oil well completions continuing to surge, this is no longer the case.” This is true. Be that as it may, the API still estimated 4,396 natural gas wells were completed in the second quarter of 2010, up 22 percent from 2009’s second quarter.