Good news for the U.S. drilling industry. This week, the number of oil and gas drilling rigs has increased, according to data from oil-field services company Baker Hughes Inc. Even as gas prices have lowered recently, the number of gas rigs rose by 15 rigs since last week. Gas rigs in use peaked in September of 2008 at 1,606, but fell last year as the weak demand of the economy forced gas prices to lower by 29 percent. Despite this fact, drilling has been exponentially more active recently. Producers must continue to drill by a certain date, within two of three years of acquiring their lease.
“Natural gas for May delivery on the New York Mercantile Exchange was recently up 9 cents, or 2.26%, at $4.075 a million British thermal units,” reports Dow Jones.
