US oil rig count increases by 14

The Associated Press
Posted: 05/14/2010 11:44:47 AM MDT

HOUSTON—The number of rigs actively exploring for oil and natural gas in the U.S. increased by 14 this week to 1,506.

Houston-based Baker Hughes Inc. said Friday that 951 rigs were exploring for natural gas and 544 for oil. Eleven were listed as miscellaneous. A year ago this week, the rig count stood at 918.

Of the major oil- and gas-producing states, Texas gained nine rigs, New Mexico and Oklahoma each gained four and Arkansas, California, Colorado, Pennsylvania and Wyoming each gained one.

Alaska lost two rigs and North Dakota and West Virginia each lost one, while Louisiana was unchanged.

The rig count tally peaked at 4,530 in 1981, during the height of the oil boom. The industry posted a record low of 488 in 1999.

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