U.S. gas and oil rigs dropped for the seventh straight week to the lowest since March 2011,...

|By:, SA News Editor

U.S. gas and oil rigs dropped for the seventh straight week to the lowest since March 2011, according to Baker Hughes' (BHI) latest rig count. Oil rigs have fallen every month since September as companies scale back drilling in response to high crude supplies and declining prices; the gas count has shrunk to less than a third of its Aug. 2008 peak after a shift from dry-gas plays to more profitable liquids.