For the concerned about new oil rigs: "How Long Does It Take to Build a Rig?"

[elocs]

http://www.theoildrum.com/story/2005/9/28/115543/198

At one time there were numerous rig building companies that simply built land rigs. As they closed up shop, the drilling contractors took on building their own rigs. Today, that is where we are.

If they build too many, demand drops and day rates decline. Any mention of potential lower oil prices halts rig building.

Offshore, a jackup rig will take 2-3 years and a semi 3-4 years.

So even in the best of circumstances and without this latest oil rig disaster it would 2013 or 2014 before a new rig would come online. Given what has happened it would be years longer than that, so there would be no new oil rigs anytime soon and the current disaster won't do much for the "drill baby, drill" crowd. It's too bad Obama made his announcement about drilling when he did.

[gmoney]

1. but you save all kinds of time leaving off the emergency shut-off valve

Seriously... like hours and hours...

[grantcart]

2. Also rigs are booked years in advance