Rig Count Page and Inflation Adjusted Price Of Oil

Latest Oil Price Per Barrel The rig count has fallen in the past weeks. Now that the price of oil seems to be stabilizing with OPEC cuts being felt, hopefully the rig count will stabilize. Note: Rig count include both re-entry, wildcat wells and infill drilling but not workover rigs. Europe and the Far East have actually seen a slight increase in the rig count lately. See below for the inflation adjusted price of oil for each year since 1946. Schlumberger Rig Count Baker Hughes Rig Count

The Inflation Adjusted Price Of Oil, From The U.S. Department Of Labor Bureau Of Statistics. Note that the price of oil in 1998 was lower than the inflation adjusted price of oil in 1946. When considering the price of oil we have to take into account inflation. Rig Count Page.

Year	Nominal Oil Price Per Barrel	Inflation Adjusted Oil Price Per Barrel
1946	$1.63	$17.76
1947	$2.16	$20.58
1948	$2.77	$24.72
1949	$2.77	$24.99
1950	$2.77	$24.42
1951	$2.77	$22.63
1952	$2.77	$22.20
1953	$2.92	$23.23
1954	$2.99	$23.61
1955	$2.93	$23.22
1956	$2.94	$22.96
1957	$3.14	$23.74
1958	$3.00	$22.05
1959	$3.00	$21.90
1960	$2.91	$20.88
1961	$2.85	$20.25
1962	$2.85	$20.05
1963	$2.91	$20.20
1964	$3.00	$20.56
1965	$3.01	$20.30
1966	$3.10	$20.32
1967	$3.12	$19.84
1968	$3.18	$19.41
1969	$3.32	$19.22
1970	$3.39	$18.56
1971	$3.60	$18.88
1972	$3.60	$18.29
1973	$4.75	$22.73
1974	$9.35	$40.29
1975	$12.21	$48.21
1976	$13.10	$48.91
1977	$14.40	$50.48
1978	$14.95	$48.71
1979	$25.10	$73.44
1980	$37.42	$97.47
1981	$35.75	$83.54
1982	$31.83	$70.07
1983	$29.08	$62.02
1984	$28.75	$58.78
1985	$26.92	$53.15
1986	$14.44	$27.99
1987	$17.75	$33.19
1988	$14.87	$26.70
1989	$18.33	$31.40
1990	$23.19	$37.69
1991	$20.20	$31.51
1992	$19.25	$29.15
1993	$16.75	$24.62
1994	$15.66	$22.45
1995	$16.75	$23.35
1996	$20.46	$27.71
1997	$18.64	$24.67
1998	$11.91	$15.52
1999	$16.56	$21.12
2000	$27.39	$33.79
2001	$23.00	$27.59
2002	$22.81	$26.94
2003	$27.69	$31.97
2004	$37.66	$42.35
2005	$50.04	$54.01
2006	$58.30	$61.37
2007	$64.20	$64.93
2008 (Jun)	$126.33	$123.88
2008 (Ave)	$99.65	$99.65

Monthly Average Domestic Crude Oil Price Per Barrel
2008
	U.S. Average
	(in $/bbl.)
Month	Nominal	Inflation Adjusted
Jan-08	$84.70	$85.24
Feb-08	$86.64	$86.94
Mar-08	$96.87	$96.37
Apr-08	$104.31	$103.15
May-08	$117.40	$115.12
Jun-08	$126.33	$122.64
Jul-08	$126.16	$121.84
Aug-08	$108.46	$105.16
Sep-08	$96.13	$93.34
Oct-08	$68.50	$67.19
Nov-08	$49.29	$49.29
Dec-08	$32.94	$32.94

Why is the rig count important?

A high rig count indicates a healthy oil and gas industry and a healthy overall economy. The oil price per barrel and the rig count are good indicators of where the economy is headed. We have seen demand destruction, which is a fancy name for a weak economy, causing oil prices to fall to record lows in the past few months. Any number of geopolitical factors can cause the price of oil to rise, such as war in the Middle East or instability in Nigeria, Venezuela, Russia or even China.

For those that work in the oil and gas industry the price of oil and the rig count can indicate the health of that industry and whether companies will be hiring for new projects or reducing staff for lean times.

Bookmark the rig count page in Internet Explorer here: so you can have the latest rig count and oil price information close at hand.

Helpful Links: Rigzone.com Rig Count Page Schlumberger Dictionary Baker Hughes Peak Oil News

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