Rig Reduction
06/28/2017 |
Since at least 1/1/13, every $10 increase or decrease in the price of crude oil has resulted in an increase or decrease of 185 oil rigs across the US. Moreover, the impact is quite quick. This means if the recent $10 decline in the price of oil between 4/12/17 and 6/22/17 persists, it should soon result in a large decline in the number of working rigs from the current 758.