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Data: Baker Hughes; Chart: Axios Visuals

Oil and gas prices have skyrocketed this year as energy demand rushes back — but U.S. producers aren’t activating their dormant rigs in droves.

Driving the news: The U.S. added five rigs last week and a total of 30 over the past four weeks, according to Baker Hughes.

  • But the current count of 533 is far off the roughly 790 from just before the pandemic.

Why it matters: Adding to the supply would help keep a lid on the price growth. Rising oil and gas prices translate to higher electricity and gasoline costs, and weigh on consumer spending.

  • But U.S producers are exercising some caution. Some have been burned in the past when they ramped up production only to have prices move down to unprofitable levels.
  • And pressure from investors, governments and the broader population to focus on the transition to renewables has some of the larger oil companies directing more funds to clean tech.

What's happening: Thanks to a supply-and-demand imbalance, oil has doubled since its low last year and natural gas is up about 130%.

What to watch: Whether producers remain cautious in the weeks and months to come, or decide to open the spigot faster — especially as winter heating needs approach.

Go deeper

Coast Guard estimates California oil spill at nearly 25,000 gallons

Clean-up crews look for oil washing up near the pier in Huntington Beach, California, on Monday, as visitors returned to the beach. Photo: Paul Bersebach/MediaNews Group/Orange County Register via Getty Image

The Coast Guard estimates that nearly 25,000 gallons of crude oil were spilled in an offshore pipeline leak in Southern California, AP reports.

Why it matters: The estimate is on the lower end of what officials initially feared when the state's Justice Department began investigating the massive oil spill off Orange County's Huntington Beach coastline. Officials originally thought the leak to be at least 25,000 gallons and no more than 132,000 gallons.

Biden: "Being a cop today is one hell of a lot harder than it's ever been"

President Biden speaks during the 40th Annual National Peace Officers Memorial Service at the U.S Capitolon Oct. 16. Photo: Brendan Smialowski/AFP via Getty Images

President Biden speaking at the U.S. Capitol on Saturday honored members of law enforcement who died in the line of duty in 2019 and 2021 and saluted those who are currently serving.

Driving the news: "We expect everything of you, and it's beyond the capacity of anyone to meet the total expectations. Being a cop today is one hell of a lot harder than it's ever been," Biden said.

Updated 5 hours ago - World

Islamic State claims responsibility for deadly bombing in southern Afghanistan

The mosque after the explosion in southern Kandahar province on Oct. 15. Photo: Murteza Khaliqi/Anadolu Agency via Getty Images

The Islamic State group claimed responsibility for a massive blast that tore through a crowded Shiite mosque in the southern Afghan city of Kandahar on Friday, killing at least 47 people and injuring dozens more, AP reports.

Why it matters: Friday's attack was the deadliest to strike Afghanistan since the U.S. withdrew its troops from the region and is the second major attack on a Shiite mosque in a week, underscoring the Taliban's growing security threat from other militant groups.