The number of active oil rigs in Canada has dropped steeply from this time last year. (Sue Ogrocki/Associated Press) Just 70 oil rigs were active across Canada in the last two weeks of December, a drop of nearly 50 per cent from this time last year. "It has a ripple effect throughout the economy," said Calgary-based energy analyst Richard Masson. "I think we absolutely should be concerned." Two weeks ago, 174 rigs were active. This time last year, 136 rigs were working across the country, according to the Baker Hughes Rig Count, which has been publishing the barometer for the drilling industry since 1944. That’s way down from the high point of January 2012, which saw more than 710 rigs working across the country. Winter most active time to drill Masson said winter is usually the most active time to drill because the ground conditions are preferable. While some of the December decline is likely due to a Christmas slowdown, it’s been much steeper than in other years. He said the drop is likely related to the wide differential in oil prices. "So companies just haven’t had the cash flow to keep rigs running," Masson said. "I expect it’ll […]
