U.S Rigs Exploring Oil and Natural Gas Drop to an All Time Low This Week
Dropping to its record low of 480, the U. S oil and natural gas rigs in the U. S. dropped by nine this week. It also reflects the economic woes troubling the oil and gas industry globally.
The active rig count was 1,125 one year back. When the recent boom peaked in September 2014, the count of the rigs increased to 1,931. However since then, the numbers dropped steadily with a drop in oil prices, which slipped to almost $30 a barrel that's significantly lower than the $100 a barrel noted two years back.
According to the recent count the number of U. S rigs looking for oil in the U. S was 386 and out of those, 215 were in Texas. Patrick Jankowski, regional economist and vice president of research at the Greater Houston Partnership, a local business group said, "That is absolutely incredible. Here we are the big oil state and we only have 215 rigs working. That just shows you how hard the industry has contracted."
The rig count is important indicator that shows strength and stability of the energy prices as well as the condition of the oil and gas industry. The peak in 1981 saw the U. S. rig counts at 4,530, which marked its bottom at 488 in 1999.
- Canoo seeks patent to protect modular & customizable EV platform architecture
- Democratic Senator Tom Carper wants Biden administration to ban gas-powered cars by 2035
- Tesla doesn’t spend money on ‘manipulating’ public opinion: Elon Musk
- Tesla Model 3 outshines gas-powered counterparts to become world’s best-selling premium sedan
- US economy remains stable and will continue to grow