The total number of oil/gas drilling rigs in the United States is expected to reach an all time low this week, below 404, reflecting data that goes back 80 years. Drillers have been cutting an average of 55 rigs per week since mid March. Total rig count could fall to around 200 by the end of the year.
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You are correct! The all time low would have to be zero. You are so smart and observant with uncanny reasoning powers of logic and deduction.
Isn’t the all time low rig count zero? In any case, why drill when a well or workover can’t pay out?
Total rig count in the US fell to 374 this week, the lowest number since 1940.