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

 

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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