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Oil Rig Count in U.S. Reaches All-Time Low

KSRM News Desk

Photo by Ashley Smith

The number of oil and natural gas exploratory rigs in the U.S. dropped by 14 this week, down to 450, the lowest active number since 1999.

 

Energy industry price woes have decreased the number of rigs substantially since last year at this time when 1,028 were active.

 

Baker Hughes Inc. headquarters in Houston, Texas, said today that 362 rigs are seeking oil and 88 are exploring for natural gas.

 

Oil dependant states across the U.S. are feeling the pinch: Texas lost five rigs this week and Oklahoma lost four. California and North Dakota saw a decline of two rigs each and Alaska, Kansas and Pennsylvania lost one apiece.

 

Just two states saw gains: New Mexico added two rigs and Utah was up one.

 

Arkansas, Colorado, Ohio, West Virginia and Wyoming remained the same.

 

The U.S. rig count peaked at 4,530 in 1981. This new low dropped past the previous decline to 488 rigs, set in 1999. That low was eclipsed March 11 and numbers have continued to dip.

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