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US oil and gas rigs drop to historic lows

US oil and gas rigs drop to historic lows

The number of active oil and gas rigs in the United States has dropped to a minimum since 1944, when the calculations began, according to Baker Hughes.

According to the oilfield services company, the number of drilling rigs in the USA fell by 35 last week, to 339. Of these, 258 operating oil rigs are the lowest since July 2009. A year ago, there were 987 oil and gas rigs in the country, including 802 oil rigs.

The decrease in US oil production is due to a drop in demand for it against the backdrop of the COVID-19 coronavirus pandemic. In addition, price wars between major suppliers of raw materials to the world market are affecting. In April, the price of WTI crude oil reached negative values. President Donald Trump has commissioned the development of a plan to help US oil companies.

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