This is fact... No scare mongering. The oil price is too low. Drilling is at an all time low ... and Halliburton and Baker Hughes are DRILLING SERVICE BASED. Read on. No messing, No drama just fact, You are in for a rough time and will be for some time. Get over it.
This week, the number of rigs in use fell by 26 to 614, a new low since the number of rigs in use topped out last October and started tumbling as the price of oil collapsed.
This is the lowest rig count total since the week ending August 6, 2010 and the biggest one-week drop since the week ending April 24, 2015. The latest decline also marks the fifth-straight week the number of rigs in use fell.
Last week, the number of rigs in use fell for the fourth straight week to 640. Almost exactly one year ago, the number of rigs in use peaked at 1,609.
Following the report, crude oil prices were little changed, sitting at around $44.50 a barrel in New York.