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Data: Baker Hughes; Chart: Axios Visuals

The combined number of active U.S. oil and natural gas drilling rigs slid again last week, per data compiled by the oilfield services firm Baker Hughes.

Why it matters: It signals the pullback in new development that will keep U.S. output below pre-pandemic levels for a long time.

  • Existing shale wells decline quickly, so the big slowdown in creating new ones is a proxy for future output, albeit a loose one.

Where it stands: The number of active oil rigs declined by four to reach 172, compared to 770 a year ago, while one gas rig was added.

Go deeper: Downturn has yet to reach bottom for drilling rig operators (Houston Chronicle)

Go deeper

Ben Geman, author of Generate
Nov 3, 2020 - Energy & Environment

Trump ramps up fossil fuel tweets ahead of Election Day

Data: Trump Twitter Archive; Chart: Naema Ahmed/Axios

Trump's tweeting habits are one sign of how much the president hopes his strong support for fossil fuels will help get him over the top today.

Why it matters: Pennsylvania, a state critical to Trump's re-election chances, is the nation's second-largest natural gas producer. And polls show Texas, which is at the top in oil and gas production, is also in play this year.

Philanthropy Deep Dive

Illustration: Aïda Amer/Axios

A look at how philanthropy is evolving (and why Dolly Parton deserves a Medal of Freedom).

Updated 6 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Fauci says he accepted Biden's offer to be chief medical adviser "on the spot" — The recovery needs rocket fuel.
  2. Economy: U.S. economy adds 245,000 jobs in November as recovery slows — America's hidden depression: K-shaped recovery threatens Biden administration.
  3. Education: Devos extends federal student loan relief to Jan. 31
  4. States: New Mexico to allow hospitals to ration coronavirus medical care
  5. Vaccine: What vaccine trials still need to do.
  6. World: UN warns "2021 is literally going to be catastrophic"
  7. 🎧 Podcast: Former FDA chief Rob Califf on the vaccine approval process.