US oil-directed drilling rigs reached 1,443 last week, which is the highest level recorded since Baker Hughes separated its oil and gas rig counts in 1987. “One could argue that all of the increase in the oil rig count this week was because of the Permian,” James Williams, president of WTRG Economics in London, Arkansas, said by telephone. “While it’s one of the oldest fields in the U.S., there are multiple producing formations there and companies are learning how to optimize horizontal drilling in them. The growth is evidence that they’re figuring it out.” [Bloomberg News]

Iran said it will not lower the price it charges Turkey for natural gas under existing contracts. “Turkey has asked for lowered gas prices by Iran provided that the former allows Iran to reach European gas market through Turkish soil which would need fresh contracts with new provisions and price agreements, added the senior Iranian gas official.” [Shana]

The Obama administration is proposing billions of dollars in new tax credits and incentives for alternative energy vehicles and associated technology in fiscal 2015. “Among the biggest proposals is extending the 30 percent tax credit for Americans who invest in properties involved in advanced-energy products, including facilities that store energy for electric or hybrid-electric vehicles.” [Fox News]