The number of operating U.S. oil and gas rigs fell to a record low of 247 last week as low oil prices continue to force companies to temporarily halt production, reports the Houston Chronicle.
Rig count has dropped more than 60 percent since mid-March when the coronavirus pandemic and Oil Price War led to a historical drop in oil prices. According to Baker Hughes, a Houston oil-field services company that has been tracking the rig count since the 1940s, the number is a record low for the industry.