Current U.S. rig count falls to second-lowest point since the Ford Pinto

The U.S. rig count fell for the eleventh straight week in the week ended March 4, 2016, according to data from Baker Hughes. The latest decline in the rig count brought the total count in the U.S. to 489, the second lowest point recorded by Baker Hughes, reaching back to 1975. The lowest point was reached in April of 1999 when the rig count hit 488.

The oil rig count dipped below 400 this week, reaching 392. The Permian Basin saw the largest loss this week, with Baker Hughes reporting six fewer rigs in the region week-over-week.

After a month of holding above 100 rigs, gas rigs finally dipped into the double-digits this week as well. The total number of rigs drilling for gas fell to 97 this week after gaining one the week before.

On a state-by-state basis, Texas continued to see the largest declines, reporting four fewer rigs this week. North Dakota and Oklahoma also reported losses of three rigs each. Alaska was the only state to mobilize an additional rig this week, with the state’s total coming in at 12 rigs.

The Canadian rig count also continued to decline this week, shedding 26% of the rigs counted just seven days ago. The total for Canadian rigs came to 129 for the first week of March, 113 fewer than the first report released in February.

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