AUSTIN (WBAP 24/7 NEWS) – The sharp drop in oil prices may be good for motorists, but its also created a big decline in the number of oil rigs across the U-S.
The rig count has fallen to its lowest level in 16 months.
In Texas, The Eagle Ford Shale count has fallen five percent. In the Permian Basin the number is down about three percent.
West Texas intermediate crude is now averaging about $48 a barrel.
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