US oil rigs in operation have fallen from a high of 1609 in October 2014 to 372 last week, according to Baker Hughes.  US oil production has fallen from 9.61 million barrels/day in June 2015 to 9.02 mbd last week, according to the EIA.

However, imports of oil into the US has increased during that same time, and the total amount of oil in storage in the US has risen.