Industry retrenchment continues apace as OPEC meets this week to stem the recent hemorrhage in oil prices. IPAA says U.S. industry is in "meltdown," and news developments tend to support that view. What will be the new floor for the U.S. active rig count? The Baker Hughes tally fell another 33 units last week to 653, breaking the previous record low--663 July 14, 1986--since the company began keeping track in 1942. Texas led the fall, idling 28 rigs.

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