Relief for Oil Supply: U.S. Rig Count Significantly Improves

The number of oil and gas rigs operating in the United States significantly increased this week, data from oil and gas services giant Baker Hughes showed on Friday.

The number of oil rigs grew by 13, including 9 added in the Permian Basin, to 546. The number of natural gas rigs rose by three to 141.

Canadian rigs fell by 13 to 111, in-line with the typical pattern of rigs being taken down as the weather warms up. The Gulf of Mexico subtracted two rigs to 12.

The total North American rig count climbed to 800.

The increase in the rig count suggests that energy producers are responding to sharply higher prices and a decrease in supply related to a ban on Russian energy imports. President Joe Biden said recently that he would ask Congress for the power to penalize holders of energy leases on federal lands that are not being used.

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