Oil and Gas Rig Count Up More Than 50% Since Last Year

The number of active oil and gas drilling rigs in the United States rose by four this week and 272, or 56%, in the past year to the highest point since March 2020, an increase that comes even as oil demand — and by extension, gas prices — has abated slightly since last month.

The new numbers bring the total U.S. rig count up to 756, according to data published by Baker Hughes on Friday.

Gas demand also dropped last week, according to new data from the Energy Information Administration, down from 9.41 million barrels per day to 8.06 million barrels per day, while gas stocks increased by 5.8 million bbl.

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Retail gasoline prices have eased slightly since last month, settling Friday at a national average of $4.57 per gallon, according to AAA, a 43-cent decline since June, when prices soared to an all-time high of $5.01 per gallon.

Oil prices were trending slightly up on the day, with futures for international benchmark Brent Crude trading at $101.13 per barrel as of Friday afternoon, up by $2.03, while futures for U.S.-based West Texas Intermediate stood at $97.61 per barrel, an increase of $1.93.

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Source: Washington Examiner

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