U.S. Rigs Are Being Idled, but the Oil Boom Is Not Ending
Is the U.S. Drilling Frenzy Over?
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The U.S. drilling frenzy is over. What’s not is the boom in oil production.
While companies have idled 151 rigs in five shale formations since reaching a peak of 1,157 in October, they’ll need to park another 200 for growth to stall, according to data from the U.S. Energy Information Administration. Output there will reach a record 5.47 million barrels a day in March even though the number of rigs exploring for oil is the lowest since