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Posted: November 20, 2016

Rising U.S.oil rig count sets a record

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By Dan McTeague

Shale oil rig (courtesy of Day Donalson)
Its not a passing fad or anomoly.
This week, Baker Hughes Inc., a significant supplier of oilfield services and equipment revealed that for the week of November 18, the U.S. drilling rig count rose twenty units to 588. That increase alone is the biggest rise since April 2014 - long before oil's engineered collapse by OPEC's leader, Saudia Arabia later in November of that same year.
While the increase is the biggest in that time, it follows a slow but steady weekly increase which started last June. Since then 184 units have restarted, despite oil remaining below the $50 a barrel threshold.
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