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Posts Tagged ‘Punxsutawney Phil’

1 Feb 2 2015 @ 9:46am by Matt Smith in Crude Oil

File Under: Punxsutawney Phil and Oil Production

This morning’s appearance on CNBC’s Squawk Box gave me the opportunity to compare the predictive power of Punxsutawney Phil to the US oil rig count. For rigs are likely to continue to drop into spring, while US production will continue to edge higher. Putting faith in the rig count to lower oil production is like relying on a groundhog to predict the weather. Hark, click on the below mugshot to launch to part of the interview – I’m the bookends to Jim Iuorio’s economic bit in the middle: