Oil rigs working in the U.S. rose for a fourth consecutive week to an 18-year high, propelling the country’s total rig count, Baker Hughes Inc. said today.
The number of natural gas rigs rose by eight to 949 for the 14th straight weekly gain. The gas rig count is up 43 percent from the 2009 low of 665 reached in July as prices headed toward seven-year lows. Natural gas for May delivery rose 21.7 cents, or 5.6 percent, to $4.086 per million British thermal units.
The combined oil and natural-gas rig count increased by 21, or 1.5 percent, to 1,465, the highest level in 14 months. It reached a 22-year high in 2008, peaking at 2,031.
This is an extract from http://www.businessweek.com/news/2010-04-01/u-s-oil-rig-count-rises-for-fourth-week-gas-rigs-up-update2-.html
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