Rig Count Falls For Seventh Straight Week

The US oil and gas rig count fell for the seventh week in a row this week, decreasing by 5, according to Baker Hughes, but US oil companies are still pumping oil at record rates. The total oil and gas rig count now stands at 855, 197 down from this time last year. The total number of active oil rigs in the United States decreased by 3 according to the report, reaching 710. The number of active gas rigs decreased by 2 to reach 144. Oil rigs have seen a loss of 151 rigs year on year, with gas rigs down 45 since this time last year, compared to 858…