Lowest number of active oil and gas rigs in the United States since October 1999
DATA VAN DE DAG - The low price for oil has its impact on the oil industry in the United States. This week the number of active oil and gas rigs dropped to the lowest level since October 1999.
The price of oil has been below $50 for over a year now
The huge shale bonanza that started in the beginning of this century seems to reach the end. In the years with high oil prices, sometimes way over $100, it was very profitable. But for over a year now the price is below the $50.
Initially the small wells closed. But now the bigger wells feel the pressure and start closing. This means that also the overall production will start drop now.
The influence of the price of oil on the number of active rigs can be seen in the chart below.
All data from Baker Hughes.
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