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  • NYT: The Great American Drilling Boom Is Over [View article]
    A drop to 600 rigs is the general consensus for a bottom. I heard this on Bloomberg the other day, and read this informative comment on another blog:

    "I've been talking to some poeple who work for companies like Halliburton and Schlumberger.

    The current rig count is above 1300 rigs. By the end of the year, they think that the rig count could drop as low as 600 rigs. A rig count of 600 will mean well over half of the jobs working in the oil industry will be gone. A count that low implies that it will take a long time to restore drilling levels once oil and gas prices increase. Downsizing and laying off workers can be done much quicker than hiring people and creating new drilling crews especially as many experienced people will find other work and won't be available as drilling crew in the future."
    Mar 16 11:31 am |Rating: +2 0 |Link to Comment
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