FWIW I found this on 24/7wallst.com

http://247wallst.com/2009/03/20/our-rig-counts-keep-dropping-despite-rising-oil-bhi-oil-uso/

Baker Hughes Inc. (NYSE: BHI) has just released its weekly total rig counts for the US and Canada and for offshore rigs.  Despite the notion that oil is now back above $50.00 and calls to get off foreign energy dependence, the drilling rigs in North America are continuing to be cut. And cut.  And cut.  Hell, Canada looks like it is getting out of the oil industry entirely.  Here are this week’s new rig counts showing how far these keep getting idled:

U.S. Rig Count down 41 from last week at 1,085; down 699 year over year.
Canadian Rig Count down 61 from last week at 159; down 169 year over year.
The US Offshore rig count is 43, down 4 from last week; down 14 year over year.
The iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) was up 0.5% but has gone back to flat, and the US OIL ETF (NYSE: USO) was up 0.5% but has rolled over into almost negative territory.  On last look, spot oil from NYMEX was at $51.18.

T. Boone Pickens recently made the call of “$60 before $40″ when oil was barely above $40.00 at the time.  If these rig counts keep dropping at the same rates that we have been seeing, then OPEC won’t ever have to debate whether they should be cutting production.  The production cuts are happening right here despite our calls to get off foreign energy.

Demand erosion has continued for oil, but not at the same pace that these rig counts keep coming down.  It seems that the old days of being profitable at $20  are toast.  Some companies don’t even make money at $50 oil on many of their newer operations.  At least that is what they say.

We won’t hold our breath for this to occur, but maybe the new powers that be will ultimately give some new drilling incentives.   Whether we want to end up entirely using solar and nuclear and other forms of alternative energy entirely, the reality is that oil use is going to be around as long as we are all still alive.  The question is just how much of it will be used.  It looks like foreign energy dependence is going to continue, so you might as well capitalize off of it.

and

Rig Counts and Oil Price Chasing
http://247wallst.com/2009/06/05/rig-counts-and-oil-price-chasing-bhi-uso-oil/
Baker Hughes Incorporated (NYSE:BHI) announced today that the international rig count for May 2009 and it looks like the endless slide we saw all of 2009 is being confirmed as either over or at least severely moderating on the international front.  The count is the U.S. and Canada is still lower, but the most recent weekly data seen in the last two weeks seems better than the overall monthly trends.  The United States Oil (NYSE: USO) ETF is up 0.5% at $37.87 and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) is up 0.6% at $25.03 in early trading.  Where these ETF’s trade will more likely come from changes in the Dollar and oil prices rather than based on the May rig counts.

The new international rig count for the end of May was 993.  That is a gain of 7 from the 986 counted in April 2009, but is still down 82 from the 1,075 counted in May 2008.

The international offshore rig count for May 2009 was 272, which is down 1 rig from the 273 counted in April 2009 and is down 33 from the 305 counted in May 2008.

The US rig count for May 2009 was 918, and that is down 77 from the 995 counted in April 2009 and down 945 from the 1,863 counted in May 2008.

The Canadian rig count for May 2009 was 72, down 2 from the 74 counted in April 2009 and down 63 from the 135 counted in May 2008.

The worldwide rig count for May 2009 was 1,983, down 72 from the 2,055 counted in April 2009 and down 1,090 from the 3,073 counted in May 2008.

The United States Oil and the iPath S&P GSCI Crude Oil Total Return Index ETN are reacting to the positive move in oil after the jobs data rather than the rig count data.