U.S. Drilling Continues to Slow

The total number of active drilling rigs for oil and gas in the United States fell this week by 1, according to new data that Baker Hughes published on Friday—the first weekly data of the new year. The total rig count fell by 1 to 621 this week. Over the course of 2023, the United States has seen the active rig count for oil and gas fall by 157, while achieving record-breaking production. The end of year rig count was also 452 fewer rigs than the pre-pandemic era—again, all while beating pre-pandemic production rates by 1.377 million…