Active oil and gas rigs in the U.S. 2022-2024

The number of operational U.S. oil and gas rigs averaged 586 in August 2024. This was a decrease compared to the same month a year prior, with benchmark oil prices influenced by moderate demand outlooks. 

Most common rig types

Oil rigs are the most common rigs in the U.S. At the end of 2023, there were some 500 active oil rigs compared with roughly 120 gas rigs. This discrepancy has been exacerbated over the years, with there having been 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 May 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.