Number Of Active US Oil Rigs Rapidly Rising Again

Oil rigs are returning to the U.S. at the fastest rates in two years due to rising oil prices. There are currently 712 active oil rigs in the U.S., up from 316 in the middle of last year. The number of operating American oil rigs has increased for 17 straight weeks.  The majority of new oil and natural gas drilling in the U.S. is happening in Texas, according to a report published by the federal Energy Information Administration. American oil and gas drilling is increasingly concentrated in the Permian Basin, which spans parts of western Texas and southeastern New Mexico. The Permian now has nearly as many active oil rigs as the rest of the U.S. combined. Oil production in the region has spiked drastically since early 2015, while production in other areas has fallen due to low oil prices. Permian oil is relatively cheap to access and refine since it’s close to most American refineries...more