The crash in the drilling rig count continued last week, although the decline slowed for a second week in a row. U.S. oil and gas rigs for land-based operations fell another 34 last week, to a total of 398 active rigs. The Permian continued to lead rig count declines. All major shale oil plays have now seen at least a 50% drop in rigs over the same period last year. It’s been a breathtaking fall.