The US oil and gas rig count rose for the first time in eight weeks, according to Baker Hughes, increasing by just 1 for the week, according to Baker Hughes, and US oil production has hit a new record high for the week. The total oil and gas rig count now stands at 856, or 207 down from this time last year. The total number of active oil rigs in the United States increased by 2 according to the report, reaching 712. The number of active gas rigs decreased by 1 to reach 143. Oil rigs have seen a loss of 157 rigs year on year, with gas rigs down 50 since this time last year, compared to 858 and 187 active rigs, respectively, at the beginning of the year. Even though the number of oil rigs have declined by 165 this year alone, production has grown from 11.7 […]