Stacked rigs are seen along with other idled oil drilling equipment at a depot in Dickinson, North Dakota June 26, 2015. U.S. energy firms this week cut oil and natural gas rigs for a 14th week in a row to the lowest level since at least 1940, data showed on Thursday, as energy firms continue to slash spending as part of the deepest energy price rout in a generation. Oil rigs alone fell 15 to 372, the lowest level since November 2009, oil services company Baker Hughes Inc said in its closely followed report. After last week falling to the lowest level since at least 1987, Baker Hughes said the number of active gas rigs this week increased by three to 92. Looking forward analysts forecast the total rig count will bottom in a couple months before recovering later this year when they expect energy prices to rise. Drillers […]

Posted in: USA