Economics
U.S. Drilling Retreat Deepens as Oil Rigs Fall Below 900
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U.S. oil explorers idled oil rigs for the 14th straight week, prolonging the biggest retrenchment in drilling on record.
Rigs targeting oil in the U.S. fell by 56 to 866, Baker Hughes Inc. said on its website Friday, the lowest level since March 25, 2011. The Permian Basin of Texas and New Mexico, the nation’s biggest oil field and one of its oldest, lost the most, dropping 23 rigs to 305. The U.S. rig total slid to the lowest since November 2009.