Rotten Rigs

After first reaching a high of 2,000 active US crude oil and natural gas rigs in early 2008 and then again in late 2011, the number of active rigs last week fell to just 318, breaking the record low of 339 set the week before! The rig count had finally stabilized at 772 the week of 3/17/20, down from a recent peak of slightly over 1,000 as recently as 4/19/19.