The U.S. oil rig count rose to a new record last week as energy companies including First Titan Corp. boosted exploration to take advantage of crude prices topping $100 a barrel.
Baker Hughes Inc. reported that rigs engaged in exploration and production in the U.S. totaled 1,989 for the week ended March 2, 2012. The oil rig count was up by 28 to 1,293. The current tally – the highest since Baker Hughes started breaking up oil and natural gas rig counts in 1987 – is way above the previous year’s rig count of 801.