U.S. oil and gas drillers add 7 rigs this week

A pumpjack in front of the the Covia-Kermit Plant outside of Kermit, Texas on Wednesday, April 29, 2020.as companies continue with planned production increases, and demand for petroleum products remains high as pandemic recovery continues.

The number of operating drill rigs rose nationally to 740 this week, according to oil field services company . Oil and gas companies have added 270 rigs in the past year, a 57 percent increase from the 470 operating this time last year., and will likely remain in the high $90s through 2023. Oil prices were already recovering from the pandemic this year, but Moscow’s invasion of Ukraine pushed them up even more as countries sanctioned Russian oil and gas, tightening global oil supplies that already couldn’t keep up with surging demand from pandemic recovery.

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