The number of U.S. oil and gas drilling rigs fell by eight this week, according to the Baker Hughes rig count, bringing the nation’s total down to 805.
After increasing by 14 last week, the rig count backed off yet again.
The number of oil and gas drilling rigs in the U.S. is down by more than 270 compared to the same time last year.
The U.S. rig count has plunged by more than 25 percent in the last 12 months as operators have pulled back due to a slowdown in the sector.
An oil price slump that has kept oil prices below $65 per barrel through much of 2019, as well as a decline in spending by Wall Street investors, has tightened budgets throughout the sector and put downward pressure on business activities.
This article first appeared on the Houston Chronicle – an Energy Voice content partner. For more from the Houston Chronicle click here.