Oil Price Crash Hits Latin American Drillers Hard

Rigs are vanishing at a rapid clip in the United States, but oil and gas drilling activity is also falling worldwide.  The international rig count fell by 144 in April from a month earlier, bringing the total down to 915, according to Baker Hughes.  Latin America was hit the hardest, with a loss of 80 rigs. Colombia and Argentina made up the bulk of those losses – the rig count in Colombia fell by 21, and in Argentina by 38. The Colombian government said that oil production would fall. “If prices were to fall drastically to…