North American Rig Count Drops 8

The number of rigs exploring for oil and natural gas in North America fell by eight during the week ending November 3, according to oil services firm Baker Hughes Inc. The number of rigs operating in the United States fell by six to 763 to 1,078 compared to 763 a year ago, while the number of rigs in Canada fell by two to 362, compared with last year's 336, according to Baker Hughes. In the U.S. Gulf of Mexico, the number of rigs searching for oil and gas fell by three to 148 compared to 113 last year. The number of U.S. rigs exploring on land fell five to 906, while the number of rigs operating offshore fell by three to 152. The number of rigs in inland waters rose by two to 20.