2012 Forecast: Oil drilling continues to drive rig count rise ///

The U.S. drilling market recovery that began in 2010, following the significant drop in 2009, continued through 2011. According to Baker Hughes’ Rotary Rig Count, activity is still riding the wave of higher oil prices. Beginning with an average 1,713 rigs in January 2011, the number of units running grew steadily as the year progressed, especially in the spring and summer, reaching an October peak of 2,020 rigs, an increase of 17.9%. In the end, an average of 1,877 rigs ran in 2011, equal to a 21.6% jump from 1,543 rigs in 2010.