Active oil and gas rigs in the U.S. 2020-2023

The number of operational U.S. oil and gas rigs totaled 711 in the last week of May 2023. This was a decrease compared to the beginning of 2023, even with an expected higher oil demand toward the end of the year despite lower benchmark oil prices. 2022 has seen many ups and downs in exploration activity as the Russia-Ukraine war initially increased oil prices before growing inflation rates dampened economic outlooks.

Most common rig types

Oil rigs are the most common rigs in the U.S. At the end of 2022, there were some 621 active oil rigs compared with roughly 156 gas rigs. This discrepancy has been exacerbated over the years, with there being a less pronounced difference in 2011. 2011 was also the year when new well drilling numbers peaked within the past decade, with roughly 2,000 newly bored oil and gas extraction sites. The majority of oil rigs are found in the Permian Basin. Located in Texas and parts of New Mexico, the Permian Basin has been a harvesting ground for petroleum since the early 1920s and since established itself as the most productive U.S. oil basin.

Future U.S. oil production

A March 2023 forecast sees U.S. shale gas and tight oil production reach roughly 35 trillion cubic feet by 2050. Between 2022 and 2030, production is projected to increase by some 2.5 trillion cubic feet.