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July 3, 2007þStocks of Local Interest
July 5, 2007(AP) The number of rigs actively exploring for oil and natural gas in the United States rose by four last week to 1,775.
Of the rigs running nationwide, 1,489 were exploring for natural gas and 281 for oil, Houston-based Baker Hughes Inc. reported Friday. Five were listed as miscellaneous.
A year ago, the rig count stood at 1,666.
Of the major oil- and gas-producing states, California gained six rigs, New Mexico gained four and Texas added two. Oklahoma and Louisiana each lost three, Wyoming lost two and Alaska and Colorado each lost one.
Baker Hughes has tracked rig counts since 1944. The tally peaked at 4,530 in 1981, during the height of the oil boom. The industry posted several record lows in 1999, bottoming out at 488.
