U.S. Oil, Gas Rig Count at New Low
HOUSTON (AP) -- The number of rigs actively exploring for oil and natural gas in the United States plummeted by 26 to an all-time low of 562 Friday. It's the second consecutive week for the energy industry yardstick to reach a record low.
Until Houston-based Baker Hughes Inc. reported 588 working rigs last Friday, the company's lowest rig count was 596, reported June 12, 1992.
Baker Hughes has kept track of the count since 1944. The tally peaked at 4,530 on Dec. 28, 1981, during the height of the oil boom.
Tony McAloon, director of market research at Baker Hughes, said there probably are fewer rigs looking for oil and gas in the country now than at any time since the boomtown days of the early 1900s.
Suffering Asian economies, heavy production by oil-laden countries and the record-warm conditions of 1998 all have worked to create a perceived glut that has depressed prices and, in turn, exploration activity.
Of the rigs running nationwide this week, 119 were exploring for oil and 443 for gas. During the same week last year, 987 rigs were operating in the United States.
Of the major oil- and gas-producing states, only Alaska and New Mexico added rigs, each increasing its totals by two. Louisiana lost seven rigs from a week ago, Texas lost five, Oklahoma lost four, Wyoming three and California one.
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