U.S. Rig Count Soars Despite Plunging Oil Prices

Baker Hughes reported a large 14-rig increase for oil and gas in the United States this week, bringing the total number of active oil and gas drilling rigs to 1,081 according to the report, with the number of active oil rigs increasing by 12 to reach 886 and the number of gas rigs climbing by 2 to reach 195. The oil and gas rig count is now 174 up from this time last year. Crude oil prices slipped further into bear territory on Friday— continuing its ugly slide, with Brent even falling below $70 earlier in the day. This is all despite US…