US Rig Count continues To Crash—-Lowest In 40 Years

By Tyler Durden at ZeroHedge

The total US rig count declined yet again this week, down 9 to 406 – a new record low. The last four times rig counts collapsed anything like this, the US economy was in recession.


Oil rigs dropped 10 to a new cycle low at 318, but appear near a turning point if lagged oil prices remain any indication…


Or is US production about to fall off a cliff?


Source: US Rig Count Continues to Crash – ZeroHedge