US adds oil and gas rigs for 15th consecutive month
Wednesday, November 3, 2021
The U.S. oil and gas rig count rose for 15th consecutive month in October amid oil prices that reached seven-year highs, according to Reuters.
During the week of Oct. 29, the oil and gas rig count reached 544, which is the highest it’s been since April 2020, according to data from Baker Hughes. The increase marked the seventh in the past eight weeks.
The U.S. rig count is currently up 248 rigs, an 84% increase over the same period last year. There are currently, 444 oil rigs and 100 gas rigs.
Learn more: Reuters > U.S. drillers add oil and gas rigs for 15th month in a row
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.