Green Touch Builders | Texas rig count falling by the hundreds as OPEC cuts U.S. forecast
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February 9, 2015 By SEO Admin

Texas rig count falling by the hundreds as OPEC cuts U.S. forecast

More than 200 drilling rigs were taken out of service in Texas in the past two weeks as crude oil prices hovered between $45 to $50 a barrel, according to Baker Hughes.

Looking back a year ago, when crude oil selling at $100 a barrel Texas had 845 rigs going compared to 654 operating now.

This is just one way to gauge what’s going on in the oil patch. Then consider that the Organization of Petroleum Exporting Countries projected a reduction in U.S. crude oil production of 130,000 barrels per day…