Over the last six months, the United States oil and gas industry has seen incredible expansion. In June of 2016, the industry claimed 431 active rigs operating in the US. As of June 30, 2017, that number had leapt to 940 active rigs. Seven hundred and fifty-six of those are pumping oil, and 184 are extracting natural gas. The rise in production represents thousands of new jobs created since July of last year.
The last week in June, the United States’ overall rig count fell by a single rig. After 23 straight weeks of robust expansion in which the US oil and gas industry has reached 940 active rigs, the sudden downturn might strike some as a sign of trouble ahead.