For the 9th straight week (and 35th of the last 37 weeks), the US oil rig count rose this week (surging by 14 to 631 - highest since September 2015).
How they can crunch the numbers to make these investments make financial sense, I don't know, but they apparently think the price of future oil will make it worth it.
The more we can starve the bad countries in the middle east for money, which comes to them exclusively from oil, the better for the entire world.
The Ticks have basically done nothing with their oil wealth except squander it, with the possible exception on Abu Dubai. If it dries up, guess they'll either all go jihadi or back to camel raising. Couldn't happen to a nicer bunch.