US Gas and Oil Drilling Activity Plummets to Record Lows
The US natural gas industry is experiencing the fastest decline in exploration in seven years due to falling prices for the fuel. The number of rigs searching for natural gas has dropped by 10%, the sharpest weekly pullback since February 2016, according to data from Baker Hughes Co. Gas prices have fallen about 75% since reaching a peak last August due to lower demand and constrained export capacity. However, gas futures climbed on Friday after the rigs data was released, with prices jumping as much as 6.6%.