Number of Rigs Drilling for Natural Gas in U.S. Drops to 5-Year Low

March 4, 2009

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The number of rigs drilling for natural gas in the United States fell below 1,000 last week for the first time in nearly five years, according to Baker Hughes Inc. The drop comes as prices for the fuel continue to fall.

The current gas rig total of 970 is the lowest number of gas rigs since March 19, 2004, when thereĀ  were 963 gas rigs operating.

The graph above shows the number of rigs drilling for natural gas versus the price for New York Mercantile Exchange front-month gas futures.

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