March 2016, Vol. 243, No. 3

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US Rig Count Drops 9 This Week to All-Time Low of 480

HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. declined by 9 this week to 480, a record low and another sign of the continuing economic woes in the oil and gas industry. The number of rigs seeking oil was at 386 while 94 explored for natural gas, Houston-based oilfield services company Baker Hughes Inc. said Friday. A year ago, 1,125 rigs were active. At the recent boom’s height, the count had climbed to 1,931 in September 2014. But it has steadily fallen since then as oil prices plunged to about $30 per barrel, well below the $100 per barrel just two years ago. The rig count is seen as an important indicator of the strength and stability of energy p

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