10 Feb '18, 6pm

'Short-Term Folly': U.S. Adds 38 Percent More Oil and Gas Rigs

The number of oil and gas rigs in the U.S. has increased an astonishing 38 percent over the past year. That's according to S&P; Global Platts Analytics, which reported this week that the country had 1,070 rigs at the end of January , up from just 773 a year earlier. Experts expressed fear that all of this new development does not bode well for the planet. "This will have a very significant climate impact," said Romany Webb , climate law fellow with the Sabin Center for Climate Change Law. "The oil and gas industry is a huge source of methane , which is a really potent greenhouse gas. And then on top of that you also have the carbon dioxide emissions from the combustion of this oil and gas. So this is very concerning from a climate perspective." Webb links the increase in drilling, in part, to the recent rise in prices for crude oil and natural gas. "Oil is now above $60 a ...

Full article: https://www.ecowatch.com/oil-rig-count-2532830719.html?xr...

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