Is there a correlation between drilling permits and the cost of crude?

After searching various sources and comparing numbers, I’ve come up with a nifty chart showing the amount of drilling permits under president compared to the cost of crude oil.

I’ll let the readers intepret this data themselves, personally I don’t see much of a correlation between the increase of drilling permits and the cost of crude oil. There is some correlation but it is not all that solid in my personal opinion. Hopefully this chart will serve useful to any readers wishing use a reference of some sort:

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