Permian Basin leads decline in U.S. oil and gas rig count

A pump jack stands at dusk in the Permian Basin area of Loving County, Texas, U.S., on Sunday, Dec. 16, 2018. Once the shining star of the oil business, gasoline has turned into such a drag on profits that U.S. refiners could be forced to slow production in response. Photographer: Angus Mordant/Bloomberg
A pump jack stands at dusk in the Permian Basin area of Loving County, Texas, U.S., on Sunday, Dec. 16, 2018. Once the shining star of the oil business, gasoline has turned into such a drag on profits that U.S. refiners could be forced to slow production in response. Photographer: Angus Mordant/Bloomberg