US Drillers Add Oil Rigs for Fourth Week in Five

“U.S. Drillers Add Oil Rigs for Fourth Week in Five -Baker Hughes.” Reuters, Thomson Reuters, 6 Mar. 2020, uk.reuters.com/article/usa-rigs-baker-hughes/us-drillers-add-oil-rigs-for-fourth-week-in-five-baker-hughes-idUKL1N2AX1RQ.

“U.S. energy firms added oil rigs for the fourth time in five weeks even though Exxon Mobil Corp said it would join other producers and reduce new drilling this year.” Now there are a total of 682 oil rigs – the number hasn’t been this high since December 2019. However, just one year ago, there were 834 active rigs: an 18% decrease this year. Exxon is reported to be operating the most of these active rigs, but they have stated that they will be making cuts. The number of oil rigs is dropping now as “companies cut spending on new drilling to meet shareholder demand for better financial returns in a low energy price environment.”

This relates to environmental science because the article addresses why the number of oil rigs has been decreasing. The article also mentions Exxon and how the company has stated that they will be making cuts. While the company may not exactly have had the environment’s well-being in mind in making that decision, this is a small win for the environment, as petroleum (crude oil) is a nonrenewable resource. An 18% decrease in the number of oil rigs within one year is significant progress.

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