Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week, by 5, to 279, with the total oil and gas rigs sitting at 690 fewer than this time last year. While the number of active rigs in the United States has continued to decline over the last fourteen weeks, this week’s decline is smaller. The number of oil rigs decreased for the week by 7 rigs, according to Baker Hughes data, bringing the total to 199—compared to 788 active rigs in play this time last year. It is the first time that oil rigs in the United States have fallen below 200 since August 2005. The total number of active gas rigs in the United States increased by 2 to 78 according to the report. This compares to 181 rigs a year ago. The significant fall in the rig […]