Rig Counts Dropping Quickly
Rig counts down dramatically following the rapid fall in energy prices. The Baker Hughes U.S. Crude Oil Rotary Rig Count fell 58 rigs, or 10%, in just one week. The top panel shows the crude and natural gas weekly rig counts while the lower panel highlights continuous WTI and natural gas prices. The 10-yr chart illustrates how efficient the energy industry has become. The U.S. recently reached record crude production with roughly half the rigs that were operating in 2014.