According to Baker Hughes, U.S. oil rig counts declined to a ten year low level as of the week ending May 8^th. May 8^th week ending oil rig counts declined 10.2% from the previous week while finishing 63.7% lower on a YOY basis and 67.1% below the three and a half year high levels experienced during November of 2018. May 8^th Oil Rig Counts Declined to a 47 Month Low Level May 8^th Oil Rig Counts Declined 10.2% Week-Over-Week, Finishing 63.7% Lower YOY Recent Percentage Declines in Oil Rig Counts Were the Largest in the Past 14 Years