Free falling: The number of active rigs exploring for oil and gas in Louisiana slid by two this week to 67, according to the weekly tally from Houston-based Baker Hughes. As FuelFix.com reports, the number of U.S. rigs chasing oil fell by 13 to a total of 646, while gas rigs rose by three to 225. Combined, the total Baker Hughes rig count fell by 10 to 875. Miscellaneous rigs were unchanged at four. The rig count, considered a proxy for industry activity, has fallen sharply since oil prices collapsed last summer. Overall, Baker Hughes’ rig count has fallen from an October 2014 high of 1,609 oil rigs. The retreat has fueled somewhat of a recovery in the price of oil, as traders have linked less drilling activity to fewer barrels of oil flowing from wells. Read the full story.
Help wanted: Initial unemployment insurance claims for the week ended May 23 increased to 3,166 from the previous week’s total of 2,762. In a press release issued today, the Louisiana Workforce Commission says the increase can be attributed to the seasonal closing of schools for summer. Initial claims last week were also above the comparable week for last year, during which 2,985 claims were filed. The four-week moving average of initial claims also increased to 2,816 from the previous week’s average of 2,709. Continued unemployment insurance claims for the week ended May 23 increased to 23,516 from the previous week’s total of 22,894. Continued weeks claimed aksi were well above the comparable figure of 18,948 for the year-ago week ended May 24, 2014. LWC has more details.
Behind closed doors: A judge has denied a motion by media outlets that sought to open the court for next week’s trial involving New Orleans Saints and Pelicans owner Tom Benson and his estranged heirs. The Associated Press reports Judge Kern Reese, who ruled today in New Orleans civil court, says he carefully weighed the public’s constitutional right to access court against the 87-year-old Benson’s privacy rights regarding his medical history. In upholding his initial decision on the matter, Reese emphasized that Benson is a defendant who has had his mental health questioned. Benson’s daughter and her two children sued in January after their removal from ownership positions with the Saints and Pelicans; they’ve argued that their patriarch was not of sound mind when he decided to hand over eventual control of the clubs to his third wife. Read the full story.
