Oil and Gas Drillers in the U.S. Ready to Party Like It's 1859

The energy business in the U.S. is about to travel 150 years back in time.

Oil and gas companies have cut so much spending amid the biggest price crash in a generation that there are only 502 drilling rigs still active in the country, according to Baker Hughes Inc. In the next few weeks, that could fall below 488, the lowest level in records dating back to 1948, according to Paul Hornsell, head of commodities research for Standard Chartered Bank.

http://www.bloomberg.com/news/articles/2016-03-02/oil-and-gas-drillers-in-the-u-s-ready-to-party-like-it-s-1859