Oil Rig Count Drops | Russell T. Rudy Energy LLC
The Baker Hughes oil rig count dropped for the fourth straight week according to “Rigzone”. In the week ending January 2, the count stood at 1,482, its lowest level since March. After a record high of 1,609 in mid-October, the number of rigs drilling for oil has dropped in 9 of the last 12 weeks.
While rapidly declining prices have taken their toll recently, there are still over a hundred more oil rigs running than at this time last year. While the biggest losses were in the Permian Basin of West Texas and Southeastern New Mexico, this is still the fastest growing and largest shale play for oil.
Unfortunately, the number of rigs drilling for natural gas fell by 12 last week to 328, the lowest since October as well.
To read the article in its entirety, please go to www.rigzone.com/news/article.asp?hpf=1&a_id=136609&utm .
