Oklahoma, U.S. Rig Counts Down for 8th Straight Week

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HOUSTON - The active drilling rig counts for both Oklahoma and the nation fell for the eighth consecutive week for the week ended Feb. 28, according to figures released Monday by Hughes Tool Co.of Houston.

The number of active oil and gas drilling rigs in the nation declined by 60 to 1,248, down 4.5 percent from the previous week, Hughes said.

In Oklahoma the count fell by five, or 2.7 percent, to 175.

The nationwide count is the lowest it has been since September 1973. It has decreased during each week of the year and has fallen 34.8 percent from a high so far in 1986 of 1,915 reached during thefirst week in January.

Compared to the same week a year ago when the count was 2,011, the latest week is down 37.9 percent.

The national average for February of 1,357 was also down 37.9 percent compared to the month in 1985.

The average 175 rigs working in Oklahoma during the week was down 27.9 percent from 243 during the same week in 1985.

The state count has also dropped steadily since the beginning of the year. …