53% of active American oil and gas rigs have gone dark in just 8 weeks. FMTNews Oil
HOUSTON: Oil and natural gas exploration plunged to an all-time low as the economic and industrial dislocations from the Covid-19 pandemic snuffed out the remnants of the American shale boom.
In the span of just eight weeks, 53% of active American oil and gas rigs have gone dark, according to data released by Baker Hughes Co on Friday. Benchmark American oil futures have dropped 63% from the 2020 high of US$65.65 a barrel in early January as the worldwide pandemic slashed demand for petroleum-based fuels at a time when the global surfeit was already expanding.The historic downturn will drastically reduce capital available to the industry, said Thomas, who leads the world’s second-largest independent explorer by market value.
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