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Oil Prices, World Rig Count & U.S. Rig Count Page. Bookmark this page in your favorites for access to the latest worldwide rig count

Latest Oil Price Per Barrel        The rig count has risen in the past weeks. Much of the activity in North America is related to horizontal oil plays such as the Eagle Ford shale. Note: Rig count include both re-entry, wildcat wells and infill drilling but not workover rigs. Europe and the Far East have also increase in the rig count lately. Turmoil in the Middle East has led to a wildly fluctuating oil price.  See below for the inflation adjusted price of oil for each year since 1946.   

 

The Inflation Adjusted Price Of Oil, From The U.S. Department Of Labor Bureau Of Statistics. Note that the price of oil in 1998 was lower than the inflation adjusted price of oil in 1946. When considering the price of oil we have to take into account inflation.  Rig Count Page.

Year Nominal Oil Price Per Barrel Inflation Adjusted  Oil Price Per Barrel
1946 $1.63 $17.76
1947 $2.16 $20.58
1948 $2.77 $24.72
1949 $2.77 $24.99
1950 $2.77 $24.42
1951 $2.77 $22.63
1952 $2.77 $22.20
1953 $2.92 $23.23
1954 $2.99 $23.61
1955 $2.93 $23.22
1956 $2.94 $22.96
1957 $3.14 $23.74
1958 $3.00 $22.05
1959 $3.00 $21.90
1960 $2.91 $20.88
1961 $2.85 $20.25
1962 $2.85 $20.05
1963 $2.91 $20.20
1964 $3.00 $20.56
1965 $3.01 $20.30
1966 $3.10 $20.32
1967 $3.12 $19.84
1968 $3.18 $19.41
1969 $3.32 $19.22
1970 $3.39 $18.56
1971 $3.60 $18.88
1972 $3.60 $18.29
1973 $4.75 $22.73
1974 $9.35 $40.29
1975 $12.21 $48.21
1976 $13.10 $48.91
1977 $14.40 $50.48
1978 $14.95 $48.71
1979 $25.10 $73.44
1980 $37.42 $97.47
1981 $35.75 $83.54
1982 $31.83 $70.07
1983 $29.08 $62.02
1984 $28.75 $58.78
1985 $26.92 $53.15
1986 $14.44 $27.99
1987 $17.75 $33.19
1988 $14.87 $26.70
1989 $18.33 $31.40
1990 $23.19 $37.69
1991 $20.20 $31.51
1992 $19.25 $29.15
1993 $16.75 $24.62
1994 $15.66 $22.45
1995 $16.75 $23.35
1996 $20.46 $27.71
1997 $18.64 $24.67
1998 $11.91 $15.52
1999 $16.56 $21.12
2000 $27.39 $33.79
2001 $23.00 $27.59
2002 $22.81 $26.94
2003 $27.69 $31.97
2004 $37.66 $42.35
2005 $50.04 $54.01
2006 $58.30 $61.37
2007 $64.20 $64.93
2008 (Jun) $126.33 $123.88
2008 (Ave) $99.65 $99.65

 

 

Monthly Average Domestic Crude Oil  Price Per Barrel
2008
  U.S. Average
(in $/bbl.)
Month Nominal Inflation Adjusted
Jan-08 $84.70 $85.24
Feb-08 $86.64 $86.94
Mar-08 $96.87 $96.37
Apr-08 $104.31 $103.15
May-08 $117.40 $115.12
Jun-08 $126.33 $122.64
Jul-08 $126.16 $121.84
Aug-08 $108.46 $105.16
Sep-08 $96.13 $93.34
Oct-08 $68.50 $67.19
Nov-08 $49.29 $49.29
Dec-08 $32.94 $32.94

Why is the rig count important?

A high rig count indicates a healthy oil and gas industry and a healthy overall economy. The oil price  per barrel and the rig count are good indicators of where the economy is headed. Recently turmoil in the Middle East has sent oil soaring to over $100 a barrel as much of Libya's production has been halted. Any number of geopolitical factors can cause the price of oil to rise, such as war in the Middle East or instability in Nigeria, Venezuela, Russia or even China.

For those that work in the oil and gas industry the price of oil and the rig count can indicate the health of that industry and whether companies will be hiring for new projects or reducing staff for lean times.

Bookmark the rig count page in Internet Explorer here:   so you can have the latest rig count and oil price information close at hand.

  Helpful Links: Rigzone.com  Rig Count Page   Schlumberger Dictionary   Baker Hughes                                   

     

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