U.S. Shale Rigs Nearing Record Low as Drillers Conserve Cash
- Oil rigs fall by 8 to 392, lowest since December 2009
- Oklahoma shale play bucks trend by adding 5 oil rigs
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The relentless idling of U.S. oil and gas rigs is approaching a historical low as shale drillers struggle to stay afloat in a deepening downturn.
A price crash caused by a global oversupply of fossil fuels has caused companies to lay off workers and scrape as much spending as possible from their budgets. The number of rigs has plunged 75 percent since September 2014 and hasn’t risen for a single week since August of last year, according to Baker Hughes Inc. data updated Friday. With 489 active rigs this week, the industry is near the lowest level in records dating to 1949, set in April 1999 at 488.