Oil Rig Count Drops by 20: The...

Oil Rig Count Drops by 20: The number of working oil and gas rigs in the nation fell by 20 this week, Baker Hughes Inc. reported. The Houston firm said the rig count totaled 977, compared to 997 last week, when the count increased by one rig. A year ago, the count was 899. The count, which represents the number of rigs actively exploring for petroleum and natural gas--not those actually producing--traditionally drops off in the first quarter of the year. The figure is a widely watched index of drilling activity. Among major oil producing states, Texas posted the largest drop, losing seven rigs. California and Michigan each lost three.