U.S. rig count falls to near 17-year lowsU.S. rig count falls to near 17-year lowshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=122262016-02-23T06:00:00Z2016-02-22T16:45:00Z

​TEXAS - As crude oil prices stubbornly remain around $30 per barrel, new drilling activity continues to fall to levels that have not been seen in nearly 17 years.

Figures from the Baker Hughes Rig Count show that new drilling activity in the United States has fallen to levels that were last seen in May 1999.

In the Eagle Ford Shale region just south of San Antonio, the rig count fell down to 54, which is well less than one-third of the 180 rigs that were in the oil-rich basin last year.

The Permian Basin of West Texas saw active rigs fall down to 165, compared to the 362 rigs a year ago. Overall, new drilling fell down to 236 active rigs in Texas.

Across the entire United States, figures fell down to 514 active rigs, compared to 1,310 during the same time period last year.

Price conditions and rig counts are expected to remain in the same pattern over the next several months, as the global supply of crude oil remains high and global demand remains soft.

Baker Hughes Inc. releases rig count data weekly. Rig count data is considered a barometer of oil drilling activity worldwide.

New oil rig activity provides business for many subcontractors out in the field. According to a study from the University of Houston, each drilling rig represents a total of 224 jobs on and off the drilling pad.

Houston Business Journal
http://www.bizjournals.com/houston/morning_call/2016/02/u-s-rig-count-falls-to-near-17-year-lows.htmlRead more at the {Source}

 Search NewsTalk Texas