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U.S. Rig Count Drops For Ninth Consecutive Week

May 15, 2020 02:59PM ● By Flint Zerangue, Sr.
According to the Baker Hughes weekly rig count, the active number of U.S. rigs drilling for oil and gas has fallen for the ninth week in a row, down -35 to an all-time low of 339.

Energy firms cut the number of U.S. oil and natural gas rigs operating to record lows as producers cut spending on new drilling after oil prices plunged due to a slump in demand caused by global lockdowns to stop the coronavirus pandemic and a brief oil price war between Saudi Arabia and Russia.

In comparison, the active rig count during the same period in 2019 was 987, a reduction of -648 rigs.

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