Oilfield services provider Baker Hughes is ringing in the new year with a 7-rig increase this week to the number of active oil and gas rigs in the United States, bring the total number of active oil and gas rigs in the United States to 665, with the oil rig count up to its highest point in a year. This week marks 11 straight weeks of oil rig increases, and 9 straight weeks of gas rig increases. The final week of 2016 saw the number of oil and gas rigs increase by 7, with oil rigs accounting for 4 of the 7. That week saw 525 total oil rigs in production compared to 536 oil rigs operating in the last week of 2015, erasing almost completely the substantial losses earlier in the year when the oil rig count plummeted to 316 in May. (Click to enlarge) Although the recovery […]