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As of September 18, Baker Hughes Incorporated reports 293 rigs drilling for oil and 705 rigs drilling for natural gas. The current oil rig count reflects a 64 percent increase from the lowest 2009 level reached in early-June, while the natural gas rig count is only 6 percent above its mid-July level (Figure 1). Rigs drilling for oil now account for 29 percent of the total, up from 21 percent at the beginning of the year. Despite the uptick in oil drilling, both oil and natural gas rig counts remain substantially below their peak levels in 2008.
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