"Texas Oil Rig Count Keeps Falling"

"Texas lost another seven rigs actively drilling for oil in the past week, leaving just 351 oil rigs left nationwide as the energy sector continues to shed jobs by the thousands.

The U.S. saw a net loss of eight oil rigs and one natural gas rig in the past week, according to weekly data compiled by Baker Hughes. That leaves a U.S. total of 431 rigs, including 88 gas-seeking rigs, which represents the lowest total count since the oil field services company first began compiling the data in 1944.

The oil rig count alone is now down more than 78 percent from its peak of 1,609 in October 2014 before oil prices began plummeting and at the lowest since November 2009."

Jordan Blum reports for FuelFix April 22, 2016.

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