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Oil rig count down in Texas and the U.S. as a whole

Oil is a big industry here in Texas. Unfortunately, it appears that this industry is currently going through a rather challenging time. This can be seen in some recent statistics regarding oil rigs.

According to the statistics, last week, there were 703 oil rigs in the United States. This was a 31-rig decrease from the previous week. This made last week the 20th week in a row in which America has seen a drop in its total oil rig count.

Oil rig totals have been dropping in Texas as well. The state's oil rig count dropped by 19 last week. This drop brought the state's oil rig total to 393, which is less than half of what the total was a year previous.

Why has oil rig count been going down so much? Oil prices could be a factor. The oil rig count drop trend coincided with a trend of falling oil prices.

What do you think are currently the biggest challenges facing oil companies here in Texas?

When an industry is going through a tough time, every financial impact a business in the industry experiences has the potential to have some pretty significant effects on the business. One of the things that can have substantial financial impacts on a business is a dispute. Thus, business disputes can be remarkably impactful things during challenging times in an industry.

Many different business disputes can arise for oil companies. One example are regulatory disputes. Attorneys can help oil companies fight for their short-term and long-term financial interests when such companies are in regulatory disputes or other types of business disputes.

Source: Longview News-Journal, "With 20th straight decline, oil rig count lowest since 2010," April 24, 2015

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