Oil Rig Count Plunges To Lowest Level Since 2017

The US oil and gas rig count fell sharply this week, according to Baker Hughes, with a drop of 25 rigs for the week. This week marks nine decreases out of the last ten weeks. The total oil and gas rig count now stands at 830, or 238 down from this time last year. The total number of active oil rigs in the United States decreased by 17 according to the report, reaching 696. That marks the first time since April 2017 that the oil rig count has fallen below 700. The number of active gas rigs decreased by 4 to reach 133. Oil rigs have seen a loss of…