How many oil rigs are there in the US?
It is important to know that the U.S. rotary rig count was up 12 at 1,775 in December. What does this signify? It is 25 rigs (1.4%) lower than last year. In November it was 1763 and in July it was 1800. It is important to know that the year-over-year oil exploration in the U.S. is up 0.4 percent. Needless to say, the weekly average of crude oil spot prices is 6.4 percent higher than last year. On the other hand, the Canadian rig activity is up 17 at 402 for the first week of December.