End of the Year Oil and Gas Drill Numbers

The Uintah Basin has its lifeblood with flow of oil and gas. Let’s take a look at how the final numbers landed for 2018. According to data from the Uintah Basin Small Business Development Center, in the month of December, crude oil prices dropped to a low of the year of $42.53 for WTI. The price of natural gas has remained at its current average of $4 for the last 6 months. Duchesne County started the year with 4 rigs then dropped to 2 rigs and ended the year with 5 rigs. Uintah County followed suit only in reverse. Starting with 4 rigs in January and  jumping to 5 rigs in the following months before dropping to 1 rig for almost half of the year. There was also no drilling in the gas fields of Uintah County. As the economy world-wide slows down it has reduced demand for petroleum products which means that local drilling won’t pick up until that trend changes.