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Low oil prices dwindled US oil rigs

The lost rigs include seven in the state of Texas and one natural gas rig this week, leaving the nation a total of 431 rigs, including 88 gas-seeking rigs, which represents the lowest total count since the oil field services company first began compiling the data in 1944, said Houston-based Baker Hughes Inc.

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The U.S. oil rigs alone have been reduced by more than 78 percent from its peak of 1,609 in October 2014 before oil prices started to drop to bottom.

oil6-300x201.jpgWest Texas’ Permian Basin, which produces one fifth of the country’s total oil, took the hardest hit with a loss of five rigs. The Eagle Ford in southern Texas also reduced two rigs.

Texas, having lost 84,000 oil and gas jobs in just 16 months, still produces 31 percent of the nation’s total oil, and is home to 43 percent of the operating rigs in the country.

In the fall of 2014, more than 900 drilling rigs were operating in the state, with more than 100 jobs tied to each rig.

The Railroad Commission, which is in charge of the oil affairs, issued just 1,594 drilling permits in the first quarter of this year, which the Texas Alliance of Energy Producers said is the lowest first quarter total since it started tracking that number in January 1995.

Source: Xinhua

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