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Rig count leaps by 35, largest jump in 5 years

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The number of oil and gas rigs in U.S. fields skyrocketed this week, up 35 over last week — the largest increase in five years, since the U.S. shale revolution was booming.

After a dip last week, this week’s count marks the ninth increase in the last 10 weeks, and brings to almost 300 the number of rigs added since the count fell to its most recent low last spring.

U.S. oil drillers collectively sent 29 more rigs into the patch this week, the Houston oilfield services company Baker Hughes reported Friday. Gas drillers added six rigs.

Texas led the rise, with 17 more rigs. West Texas’ Permian Basin added 13. Oklahoma added seven.

The total rig count rose to 694, up from a low of 404 in May. The number of rigs has now surpassed the count from this time last year, when 637 were operating in U.S. oil and gas fields.

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Written by David Hunn for FuelFix.com

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