BISMARCK, N.D., Dec. 28 (UPI) -- The number of rigs actively exploring for or producing oil or natural gas in North Dakota is at a historic low, state data for Monday show.
Data from the North Dakota Industrial Commission show a rig count of 62 for Monday, down two from last week. The former historical low of 63 was set officially in November 2009.
North Dakota is the No. 2 oil producer in the nation, behind Texas. Lower crude oil prices means less capital to invest in exploration and production, a trend reflected by declining rig counts.
Oil field services company Baker Hughes reported the rig count for North Dakota dropped below 60 at one point this month. The total U.S. inland rig count of 684 for the week ending Dec. 18 was 62 percent lower than last year. North Dakota's rig count for Monday was 71 percent lower than on this date in 2014.
Lower rig counts have also hurt state economies like Texas' that depend heavily on oil and gas for revenue. Last week, however, North Dakota Gov. Jack Dalrymple said the state's economic growth potential was drawing in a record number of new residents. The population in the state increased 2.5 percent last year, the best in the nation in terms of growth, to reach 756,927, a new all-time high for the state according to data from the U.S. Census Bureau.
The state unemployment rate of 2.7 is the lowest in the country and Dalrymple's office said employers are reporting nearly 16,000 open positions.
