The latest data from Baker Hughes showed the number of oil rigs declined by 37 last week. Combined oil and gas rigs declined by 48.
The number of oil rigs in use is now down to 1,019, the lowest since July 2011. Compared to last year, the number of oil rigs in use is down 406.
The number of combined oil and gas rigs in use is now at 1,250, the lowest since January 2010 and down 461 from a year ago.
Since hitting a peak of 1,609 in October 2014, the number of US oil rigs in use is down about 37%. By state, the biggest number of rigs shutting down last week came from Texas and Oklahoma, which saw 22 and 16 rigs shut down, respectively.
By basin, 6 rigs in the Permian and Mississippian basin shut down this week, while the Williston basin saw 5 rigs shut down.
Baker Hughes said in its earnings release last month during the past three downturns, the number of rigs in use has declined by 40%-60%.
Here's the latest chart showing the decline in US oil rig count.
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