United States Drilling Activity Tumbles

US drilling activity continues to decline with the uncertainty in the economy.  According to the Baker Hughes Inc.,  the total US rig count was down 34 to 1,589 rotary rigs still working compared to 1,744 rigs during the same period a year ago.  The biggest decline was in land operations.  There was a 39 rig drop to 1,508 working rigs.  Offshore operations gained 2 units to 65 active rigs in the Gulf of Mexico and 70 in US waters overall.

Of the rigs still working, 1,239 are drilling for natural gas or 28 fewer than the previous week.  The oil rig count is 341 with a decline of 5 units.  Texas droppped the largest amount with a decrease of 34 rigs with 713 still working.