U.S. Oil Rig Count Hits 18 Year High

According to Baker Hughes Inc. the U.S. total rig count now stands at 1,407, the highest level since 1992.

The number of oil rigs operating in the U.S. rose by 10 to 466, a level not seen since December 1991. 

There are currently 927 natural gas rigs operating in the U.S., up one from the previous week.  The number of natural gas rigs is down from a high of 1,606 in September 2008.

This marks the third straight week that U.S. total rig count has posted gains.