Saturday, October 30, 2010
967 Rigs Looking for Natural Gas
The number of rigs actively exploring for oil and natural gas in the U.S. increased by 3 this week to 1,672.
Houston-based Baker Hughes Inc. said Friday that 967 rigs were exploring for natural gas and 696 for oil. Nine were listed as miscellaneous. A year ago this week, the rig count stood at 1,069.
Of the major oil- and gas-producing states, Texas gained five rigs, Alaska gained two and California and Louisiana each gained one. Arkansas, New Mexico, Oklahoma and Wyoming each lost one, while Colorado lost two rigs. North Dakota, Pennsylvania and West Virginia remained unchanged.
The rig count tally peaked at 4,530 in 1981, during the height of the oil boom. The industry posted a record low of 488 in 1999
Posted by Larry at 2:48 AM