Number of active oil rigs drops by 26

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HOUSTON (AP) - The number of rigs actively exploring for oil and natural gas in the United States dropped by 26 this week to 1,764.

Of the rigs running nationwide, 1,366 were exploring for natural gas and 387 for oil, Houston-based Baker Hughes Inc. reported Friday. A total of 11 were listed as miscellaneous. A year ago, the rig count stood at 1,809.

Of the major oil- and gas-producing states, Wyoming lost seven rigs, New Mexico lost five, Texas lost four, Oklahoma lost three, North Dakota and Colorado lost two each and Alaska lost one. Louisiana and Arkansas added three each, and California was unchanged.

Baker Hughes has tracked rig counts since 1944. The tally peaked at 4,530 in 1981, during the height of the oil boom. The industry posted several record lows in 1999, bottoming out at 488.

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