U.S. rig count sinks 43 percent; however, oil production rose to a record high

March 9, 2015

A new report by the U.S. Energy Information Administration found that low prices have slashed the U.S. rig count 43 percent since the height of the fracking boom.

The U.S. oil and natural gas drill count dropped by 75 to 1,192  as of last Friday, Texas-based Baker Hughes said.

The number of oil and gas exploration wells stood at 1,190, down from 1,792 rigs during the same period last year.

Texas shed 32 rigs last week, North Dakota lost three and New Mexico, Oklahoma and Pennsylvania each dropped seven rigs while West Virginia added one rig.

U.S. producers have dropped 687 rigs during the last five months as oil prices plummeted nearly 50 percent, Business Insider said.

Last month U.S. commercial crude inventories climbed to an 80 year high of 434.1 million barrels crude, a 22 percent spike over the same period last year.

U.S. crude production also rose to a record high 9.29 million barrels per day, the highest weekly production level on record and the highest level since 1973 in monthly data.  Busy oil bees.