According to S&P Global Platts Analytics, the number of oil and gas rigs in the U.S. has increased an astonishing 38 percent over the past year. The country had 1,070 rigs at the end of January, up from just 773 a year earlier.
It is being speculated that the increase in drilling, is in part, to the recent rise in prices for crude oil and natural gas. Oil is now above $60 barrel. Experts also connect the boom to the policies of the Trump administration, which has prioritized the extraction of oil, natural gas and coal.
It doesn’t look like this will slow down any time soon. The number of rigs has already increased in the few days since January ended. The weekly Platts RigData Locations & Operators Report for Feb. 5 revealed that there are now three additional rigs in operation, for a total of 1,073, with 61 more facilities “waiting to spud” (industry terminology for getting ready to start drilling).