The Oil Rig Count Collapse Continues

The US oil and gas rig count fell this week, according to Baker Hughes, decreasing by 5 for the week, according to Baker Hughes. This week marks eight decreases in the last nine weeks. The total oil and gas rig count now stands at 851, or 216 down from this time last year. The total number of active oil rigs in the United States increased by 1 according to the report, reaching 713. The number of active gas rigs decreased by 6 to reach 137. Oil rigs have seen a loss of 160 rigs year on year, with gas rigs down 57 since this time last year. Even…