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HPPR Economy and Enterprise

Oklahoma and nation see jump in oil rigs as optimism continues

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The Oklahoman

The number of new oil rigs has soared recently in Oklahoma, as well as nationwide, The Tulsa World reports.

The rise of the rigs can be attributed to recent optimism in the oil and natural gas sectors.

According to the oilfield service company Baker Hughes, the number of rigs in the U.S. jumped by 35 this week. That’s the largest weekly gain in almost five years. Oklahoma added seven new rigs.

Russell Evans, executive director of the Steven C. Agee Economic Research & Policy Institute at Oklahoma City University, said the Oklahoma oil formations known as STACK and SCOOP have been profitable for Sooner producers, and Oklahoma oil outfits also have a stake in the bonanza that’s been happening down in the West Texas Permian Basin. He added that he thinks these energy reserves bode well “as prices firm up in the year ahead.”