Rig Count in the U.S. Drops for the 12th Straight Week

What a difference a year makes. Last year, the total amount of rigs were going strong but, as oil prices continue to dip, the rig activity continues to slow down.

Baker Hughes out of Texas released the US rig count and this week that number dropped by 43. This would include rigs exploring for oil and natural gas. The number this week is 1,276. This is the 12th straight week for a reduction in rig activity.

In the Bakken, the number dropped by 11 rigs.

April futures price closed at $49.76 a barrel for West Texas Intermediate crude.

As refineries change the blend from winter to spring fuel, drivers are noticing rising gas prices at the pump nationally and locally here in North Dakota.

(source)