U.S. drillers are idling rigs at a record pace

The U.S. rotary rig count from Baker Hughes was down 48 at 1,310 for the week of February 20, 2015. It is 461 rigs (26.0%) lower than last year. The number of rotary rigs drilling for oil was down 37 at 1,019. There are 406 fewer rigs targeting oil than last year. Rigs drilling for oil represent 77.8 percent of all drilling activity.

Three months after Saudi Arabia made clear it was going to

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