As of last week, rig count is 78% lower than the previous low in 2010

Rig Chart


Crude oil price and rig count have moved primarily in conjunction with one another over the years. Rig count has fallen 81% since the most recent high of 2,094 during Q3 2014. The recent average high oil price came in Q2 2014 at $103.06/barrel, oil price fell 67% to a quarterly low of $33.63/barrel in Q1 2016.

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