Some thoughts on the domestic oil and gas situation as we move into May…
More rigs, more jobs, more drilling, but for how much longer…: As I pointed out at the beginning of April, the U.S. oil and gas industry added more than 200 new active drilling rigs during the first quarter of 2017. The pace of new rig activation slowed somewhat during April, but the count continued to rise as a total of 46 new rigs came online during the month. The current U.S. domestic rig count of 870 is more than double the count of 420 at the end of April, 2016.
