Current reports from Baker Hughes indicate that the number of drilling oil rigs in the US fell so much this month that analysts think the trend might lead to cutbacks again.
According to Baker Hughes in its weekly release, oil and natural gas drilling rigs dropped to 988 this week, marking the first time the numbers would drop below 1,000 since September 2009 by the firm’s weekly counts.
Analysts say however that this has not affected production so much, and then the US plans to pump about 9.2 million barrels of oil per day this year alone, the highest since 1972 – even though the number of rigs for drilling is the smallest in four years according to the Energy Information Administration.
According to Baker Hughes, about 760 rigs prospected for oil and 225 drilled for natural gas, while three remain as miscellaneous – meaning that about 1,831 rigs had been active over the course of the past year. Meanwhile, Texas dropped 29 oil rigs, Oklahoma declined by 5, New Mexico 4, North Dakota 2, Wyoming, Ohio, and Colorado suffered one each respectively. But then, Kansas and Arkansas added one rig each, while Pennsylvania, Utah, Louisiana, Alaska, West Virginia, and California maintained their status quo.