US oil, gas rig count jumps to 491 amid higher oil prices
Tuesday, March 9, 2021
The U.S. oil and gas rig count climbed 30 rigs to 491 during the week ending on March 3, according to Enverus.
With last week’s gain, the U.S. rig count reached its highest total since April 2020. Simultaneously, WTI oil prices increased to near the mid-$60 per barrel.
Oil rigs accounted for most of the recent rig count increase, rising 27 to 366. Natural gas rigs grew by three to 125.
Learn more: Hellenic Shipping News > US oil, gas rig count leaps 30 to 491on week, as oil prices climb further: Enverus
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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.