Chart 1. The Decline in Oil Prices Has Caused Drilling Activity to Recede As Well as the Domestic Rig Count
Date West Texas Intermediate
Crude Oil Price
Baker-Hughes
Domestic Rig Count
Jan 1999$ 12.47587
Feb 1999$ 12.01 542
Mar 1999$ 14.66526
Apr 1999$ 17.34 496
May 1999 $ 17.75 516
Jun 1999$ 17.89558
Jul 1999$ 20.07 588
Aug 1999$ 21.26 639
Sep 1999 $ 23.88 696
Oct 1999 $ 22.64 741
Nov 1999$ 24.97 782
Dec 1999$ 26.08 798
Jan 2000 $ 27.18 775
Feb 2000$ 29.35 763
Mar 2000$ 29.89 773
Apr 2000 $ 25.74 805
May 2000 $ 28.78 844
Jun 2000$ 31.83 878
Jul 2000 $ 29.77 942
Aug 2000$ 31.22 987
Sep 2000$ 33.88 1011
Oct 2000$ 33.08 1055
Nov 2000 $ 34.40 1067
Dec 2000$ 28.46 1097
Jan 2001 $ 29.58 1118
Feb 2001 $ 29.61 1136
Mar 2001 $ 27.24 1164
Apr 2001 $ 27.41 1206
May 2001$ 28.64 1234
Jun 2001$ 27.60 1271
Jul 2001$ 26.45 1278
Aug 2001 $ 27.47 1252
Sep 2001$ 25.88 1193
Oct 2001$ 22.21 1111
Nov 200119.670 1000
Dec 2001$ 19.33 901
Jan 2002$ 19.67 867
Feb 2002$ 20.74 825