The number of U.S. oil-drilling rigs, which is a proxy for activity in the oil industry, has fallen sharply since oil prices headed south previous year. The gas rig count dropped 2 to 211, and the overall tally was unchanged at 884.

Oil prolonged declines, falling to its lowest ranges since March 2009, after U.S. weekly rig counts rose for the fifth straight week, growing by two oil rigs to a complete rely of 674 within the week ended August. 21, Baker Hughes stated Friday. The U.S. crude price of $32.40/bbl reached in 2008 “is a conceivable reality”.

Shortly after the release, West Texas Intermediate crude fell below per barrel for the first time since 2009. The crude being pumped out of U.S. shale formations helped create a global glut that has pushed prices down 60% since June of past year. A year ago, 1,896 rigs were active.

“Everyone is still looking at it saying ‘Wow, you still don’t have production coming down, ‘” said Tariq Zahir, founder at Tyche Capital in Laurel Hollow, New York. Two rigs were removed in the Permian Basin, which has seen a pick-up in recent weeks.