In this week’s Oil & Gas 360®’s chart of the week, we compare the number of oil and gas rigs during the 2008 economic downturn and today’s low commodity environment. The price used for WTI is the annual average of the one-month forward price.

During the last down cycle, from 2007 to 2009, the number of rigs drilling for oil in the United States was about 75% lower than the number of rigs drilling for natural gas. This trend has flipped in the most recent price cycle, with natural gas prices sitting well below their $7.12 average ...


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