The number of U.S. oil drilling rigs—a proxy for activity in the oil industry—has fallen sharply since prices headed south last year. There are now about 58% fewer rigs working since a peak of 1,609 in October. That hasn’t yet translated into a drop in actual output, even though it has squelched production capacity. Crude-oil futures were recently up about 0.51% to $59.24 a barrel. According to Baker Hughes, gas rigs were down one to 221 this week. The U.S. offshore rig count is at 34, unchanged from last week and down 25 from last year. For all rigs, including natural gas, the week’s drop was 11 to 894.