The previous low of 488 set in 1999 was eclipsed March 11, and has continued to dip
Sunflowers stalks punctuate the snow in a field near dormant oil drilling rigs which have been stacked in Dickinson, North Dakota in this January 21, 2016 file photo. Top U.S. shale producers are pushing fracking technology to new extremes to get more oil out of their wells, as they weather lower-for-longer oil prices. While the impact of the techniques may be scarcely noticeable on current U.S. output with so few wells in operation, it could mean drillers are able to accelerate production more fiercely than ever once prices recover. REUTERS/Andrew Cullen/Files, photo: Reuters/Andrew Cullen, File
01 of April 2016 13:17:00
HOUSTON — The number of rigs exploring for oil and natural gas in the U.S. dropped 14 this week to 450, another all-time low amid continuing energy industry price woes.A year ago, 1,028 rigs were active.Houston oilfield services company Baker Hughes Inc. said Friday 362 rigs sought oil and 88 explored for natural gas.Among major oil- and gas-producing states, Texas lost five rigs and Oklahoma four. California, North Dakota and Oklahoma each dropped two while Alaska, Kansas and Pennsylvania declined by one apiece.New Mexico gained two rigs and Utah was up one.Arkansas, Colorado, Ohio, West Virginia and Wyoming were unchanged.The U.S. rig count peaked at 4,530 in 1981. The previous low of 488 set in 1999 was eclipsed March 11, and has continued to dip.