Bloomberg is reporting that the number of rigs drilling for oil and gas in the United States fell to its lowest point since November 2009 last week. According to figures from Baker Hughes, Inc., the rig count for domestic oil fell by 56 to 866, with the Permian Basin in Texas and New Mexico showing the largest drop in rigs.
The U.S. oil and gas industry has idled 706 rigs in the last 14 weeks due to falling oil prices. Last week, inventories of crude oil hit a record high for the tenth week in a row.
Although oil prices are at a low, the market is ripe for oil investors. For more information, you can participate in a seminar on the subject on March 26, 2015, at the Le Pavillon Hotel in New Orleans. The seminar, “What’s Next: The Effects of Falling Oil Prices on the Oil & Gas Industry,” will feature a panel of industry experts from law firms, Tulane University, and the Louisiana Oil and Gas Association. Register or seek additional information at cboudreaux@smr-lawfirm.com. The event has been organized by Slattery Marino & Roberts.
For more information, call Toni Ellington at (504) 599-8500.
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