US Drillers Add Oil, Gas Rigs for Second Consecutive Week

Even though the U.S. rig count has climbed for a record 22 months in a row through May, weekly increases have been incremental and crude production has been largely stagnant over the last few months.

Scott DiSavino, Reuters

U.S. energy firms this week added oil and natural gas rigs for a second week in a row as crude production returned to pre-pandemic levels and President Joe Biden slammed oil producers for profiting from sky-high prices instead of boosting output.

The oil and gas rig count, an early indicator of future output, rose seven to 740 in the week to June 17, its highest since March 2020, energy services firm Baker Hughes Co. said in its closely followed report.

Oil rigs rose four to 584 this week, their highest since March 2020, while gas rigs gained three to 154, their highest since September 2019.

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