US rig count rises this week by 35 to 1,640

[August 14, 2010]  HOUSTON (AP) -- The number of rigs actively exploring for oil and natural gas in the U.S. increased by 35 this week to 1,640.

Houston-based drilling systems provider Baker Hughes Inc. said Friday that 992 rigs were exploring for natural gas and 636 for oil. A year ago this week, the rig count stood at 968.

Of the major oil- and gas-producing states, the biggest gain was in Texas with 29 more rigs for a total of 720. Pennsylvania gained four, and Colorado and Louisiana each gained one. California lost two rigs, and Alaska, North Dakota and Oklahoma each lost one. Arkansas, New Mexico, West Virginia and Wyoming remained unchanged.

The rig tally peaked at 4,530 in 1981, during the height of the oil boom. The industry posted a record low of 488 in 1999.

Benchmark crude for September delivery fell 35 cents to settle at $75.39 a barrel Friday on the New York Mercantile Exchange, its lowest level in a month. The rally in early August that pushed prices above $82 has been reversed.

[Associated Press]

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