Oil and Gas rig count drops to 664 from 1,000 a year ago

Fuel Fix:
The number of operating U.S. oil and gas rigs plummeted by 64 this week, according to the Baker Hughes rig count. The count is seen as a leading indicator of oil and gas production activity in the U.S. The number of operating rigs in the U.S. is now 664.

The losses come after an already steep drop off in activity in 2019. Last year, the rig count dropped by more than 25 percent. A year ago this week, there were more than 1,000 operating oil and gas rigs in the U.S.

The majority of the losses this week came from Texas, where operators pulled 30 rigs out of operation. Texas, home to most of the Permian Basin, represents about half the nation’s oil and gas rigs.

Oil was trading at $27.06 at 12:10 p.m. on Friday. At the beginning of 2020, it was trading around $61 a barrel.
...
Some people are starting to suggest that the U impose a tariff on foreign oil is the Saudis and Russians do not settle their attempt to shut down the US oil market.  The price of oil has actually begun to recover somewhat from lows well below the current level.  As producers and pipelines are running out of storage options the President is now allowing them to rent space in the strategic petroleum reserve to be paid for in oil at the current pricing.

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