U.S. Oil Rig Count Climbs as Crude Surpasses $100 per Barrel
Source Summary
The total number of active U.S. oil and gas drilling rigs rose to 591, up 52 from the same period last year, according to Baker Hughes data released Friday. Oil rigs increased by 1 to reach 450, up 34 year-over-year, while gas rigs rose by 2 to 132, up 14 from last year. Miscellaneous rigs remained unchanged at 9.
Why it matters
Rising rig counts indicate increased investment in U.S. oil and gas production, reflecting market response to elevated crude prices.
