The U.S. oil rig count fell to a seven-year low last week as the total rig count continued to sit at a historical low.

According to Baker Hughes, the number of oil and gas rigs drilling in the U.S. fell to 415 as of May 6 compared to 894 rigs a year ago.

The rig drops once again pulled the U.S. rig count down to its lowest level since Baker Hughes began tracking data in 1949.

The U.S. oil rig count dipped by four rigs to 328 last week, down from 668 rigs during the same period last year.

According to Reuters, the oil rig decline marks the lowest oil rig count since October 2009.

The gas rig count slipped down by one rig to 86, a significant dip from the 221 gas rigs operating during the same week a year ago.

The horizontal rig count fell by two rigs to 44 rigs, down 50 percent from year ago levels, while the horizontal rig count tumbled by six down to 318 rigs.

The vertical rig count climbed to 53 rigs after gaining three rigs.

Drillers in Oklahoma dropped three rigs last week while Louisiana lost two rigs.

Alaska, Colorado, North Dakota and Ohio lost one rig a piece last week.

Texas added three rigs after a five rig gain in the Permian Basin helped offset a three rig loss in the Eagle Ford play.

Rig counts in Arkansas, California, Kansas, New Mexico, Pennsylvania, West Virginia and Wyoming held steady from last week.

The Mississippian Basin posted a two rig loss last week.

The DJ-Niobrara, Utica and Williston basins each lost one rig.

The Gulf of Mexico’s rig count ticked down by one to 23 rigs.

Canada’s rig count fell to 36 rigs after the country lost two gas rigs but gained one oil rig.


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