The total rig count is now at 550, up 250 from this time last year, but still under the 790 active rigs as of March 2020. The U.S. oil rig count rose this week to 450—a 6-rig increase since last week, and a 224 rig increase since this time last year.

How many rigs are drilling right now?

Oil rigs are the most common wells drilled in the U.S. At the end of 2020, there were some 270 active oil rigs compared with roughly 80 gas rigs.

Why do we count oil rigs?

When drilling rigs are active they consume products and services produced by the oil service industry. The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons.