The U.S. Oil and Natural Gas Rig Count Slumped By Seven

The U.S. Oil and Natural Gas Rig

Baker said that the number of rigs exploring for the U.S. oil and natural gas has declined by seven this week to 868.

According to Houston-based – oilfield service company – Baker Hughes Inc. said that the number of rigs exploring for the U.S. oil and natural gas has declined by seven this week to 868, scoring 26th straight week of declines.

On Friday, the company said that about 222 explored for natural gas, 642 rigs were seeking oil, and remaining four were listed as miscellaneous. Last year, oil prices nearly double the current levels 1,860 rigs were active. OPEC said that it would keep oil and natural gas production ceiling unchanged, the second time in six months, it decided to take no serve action amid the global glut.

In 1981, The U.S. oil and natural gas rig count peaked at 4,530 and dropped by 488 in 1999. The drop is a deceleration from last week, when the count fell by 13.

Last year, the number of U.S. oil drilling rigs – an alternate for activity in the oil industry declined since its price headed towards south regions. Now, there are about 60 per cent fewer rigs working since a peak of 1,609 in October.

Earlier this year, the U.S market rallied on expectations that a downfall in cut counts would help to shrink the global glut of crude oil, but hefty supply cuts haven’t been evident so far.

Amid all the largest oil and gas production states, New Mexico and Colorado each slumped by two and Texas lost five rigs, where as North Dakota, Ohio, Arkansas, and Pennsylvania descended by one piece.

And on the either side, West Virginia gained two rigs, Louisiana was up by three, and Kansas and California – each of them gained one rig. Oklahoma, Utah, Alaska, and Wyoming remained stable.

Carrie Ann
Carrie Ann is Editor-in-Chief at Industry Leaders Magazine, based in Las Vegas. Carrie covers technology, trends, marketing, brands, productivity, and leadership. When she isn’t writing she prefers reading. She loves reading books and articles on business, economics, corporate law, luxury products, artificial intelligence, and latest technology. She’s keen on political discussions and shares an undying passion for gadgets. Follow Carrie Ann on Twitter, Facebook

Recent Posts

Cryptocurrency Scammers Promise Fake Amazon Tokens to Rob Buyers

Cryptocurrency Scammers Promise Fake Amazon Tokens to Rob Buyers

A report by blockchain data platform Chainalysis reveals that nearly $14 billion in cryptocurrency were sent to illicit addresses in 2021.
12 hours ago
Neuralink Looks for a Clinical Trial Director to Direct Its Next Step

Neuralink Looks for a Clinical Trial Director to Direct Its Next Step

Musk had previously revealed that he hopes the company will be able to address a wide range of neurological problems – ranging from addiction to paralysis.
1 day ago
Winter Olympics 2022: The Silence of the Brands

Winter Olympics 2022: The Silence of the Brands

Brands see the Olympics as an opportunity to connect with their consumers and boost sales with limited edition products.
2 days ago
Best Fintech Stocks to Buy in 2022

Best Fintech Stocks to Buy in 2022

The biggest names on Wall Street are buying some of these best fintech stocks of the year. Now maybe a great chance to invest money in the right business.
2 days ago
The Untold Story of How Elon Musk Ousted Tesla’s Founders

The Untold Story of How Elon Musk Ousted Tesla’s Founders

Not many know that Tesla wasn’t founded by Elon Musk. So who founded the world’s most valuable automotive company?
3 days ago
What’s the new inflation rate saying?

What’s the new inflation rate saying?

According to the US consumer price index, the inflation rate has witnessed a rapid rise during the past six months since it’s 0.8% increase in November.
3 days ago