HOUSTON — The number of U.S. oil and natural-gas rigs is likely to drop as much as 60 percent in 2009 or 2010 from a 22-year high last year as demand wanes and supplies stay plentiful, according to a Raymond James forecast.
Gas rigs alone may fall as much as 65 percent, or 1,035, from the peak, according to the report by analysts led by J. Marshall Adkins in Houston. The estimates were based on rig- count data published by Baker Hughes Inc. Oil rigs are likely to drop 50 percent from the peak.
Rigs exploring for or producing oil or gas in the U.S. fell to a three-year low of 1,472 last week, down 28 percent from the peak of 2,031 in the weeks ended Aug. 29 and Sept. 12, Baker Hughes reported Jan. 30. Gas rigs fell to 1,150 from 1,606 in August and September. Oil rigs have dropped to 309 from a peak of 442 in November.
