US Rig Count Rises Amid Crude Price Decline

The U.S. oil and gas rig count has seen an increase of four rigs from last week, reaching a total of 599 active rigs nationwide. This marks a growth in the industry, with more exploration and drilling activities taking place. A year ago, there were 549 rigs in operation.

In the Permian Basin region, which is considered one of the most significant oil-producing areas, the rig count was up by one, with 270 active rigs. This represents a slight increase from last week's numbers but a notable growth compared to this time last year when there were 253 rigs in operation.

The regional benchmark for crude prices has seen a decline, ending Friday at $88.89 per barrel, down $7.89 from the previous week's close. The national benchmark, West Texas Intermediate crude, also saw a drop, closing at $92.41 per barrel, down $7.89 from last week.

The rig count peaked in 1981 with an astonishing 4,530 rigs, while it hit its lowest point in August 2020 with only 244 rigs operating. This fluctuation is a testament to the dynamic nature of the oil and gas industry.