Baker Hughes published its rig count for May 2014. It said the U.S. rig count for May was 1,859, up 24 from April and up 92 from May 2013.
The rig count represents the number of rigs actively exploring for oil or natural gas. The increase reflects estimates of oil and gas production from the U.S. Energy Department. Its statistical arm, the Energy Information Administration, says growing oil and natural gas production should "reshape" the economy, with industrial production expanding over the next 10 years.
The increase in production is in part because of more activity in shale basins in North America. Baker Hughes said, however, the average rig count in Canada for May was down 42 from the 204 counted in April, but up 34 year-on-year.
Globally, Baker Hughes said there were 3,371 rigs counted for May, down 17 from April, but up 193 year-on-year.