Plummeting Natural gas prices have seen the number of gas rigs in the U.S. fall to new 10 year lows. The Obama administration has recently announced new procedures that would cut the application for on shore drilling permits by nearly 80 percent and could potentially provide a major boost in demand for companies in the Oil & Gas Equipment & Services Industry. However this has not been able to over compensate for the decade low natural gas prices.
The number of rigs drilling for natural gas fell last month to the lowest level in 10 years, as historically low gas prices have forced companies to cut operations. The number of gas rigs have fallen 15 of the last 17 weeks, according to recent numbers put out by Baker Hughes the rig count has slid to 606 the lowest number since April 2002. On the other hand total rig count for oil and gas were up 20 last week totaling 1,965. Last year for the same week Baker Hughes reported a total of 1,836 rigs operating in the U.S