U.S. Oil Rig Count Continues To Drop

The total number of active drilling rigs in the United States fell by 6 this week, according to new data from Baker Hughes published Friday. The total rig count fell to 669 this week. So far this year, Baker Hughes has estimated a loss of more than 100 active drilling rigs. This week’s count is also 406 fewer rigs than the rig count at the beginning of 2019, prior to the pandemic. The number of oil rigs declined by 7 this week to 530, down by 91 so far in 2023. The number of gas rigs fell by 2, to 131, a loss of 25 active gas rigs from the…