The author argues that the reduction in drill rigs in Pennsylvania may not just be the result of a natural gas glut. The depth of the shale may also be a factor. It’s a lot closer to the surface in places like Ohio and New York.
On Monday Baker Hughes Inc. issued its U.S. weekly rig count report showing an ongoing decline in natural gas rig counts which have now declined to a total of 518 rigs, a substantial drop from a year ago, when the total was 889. Pennsylvania recorded no new rigs and held steady for the week at 78 however this is down significantly from last year’s same time period of 116 rigs.