In the United States, domestic exploration and the number of active drilling rigs were cut dramatically. In late 1985, there were nearly 2,300 rigs drilling wells; a year later, there were barely 1,000. The number of U.S. petroleum producers decreased from 11,370 in 1985 to 5,231 in 1989, according to data from the Independent Petroleum Association of America. Oil producers held back on the search for new oilfields for fear of losing on their investments. In May 2007, companies like ExxonMobil were not making nearly the investment in finding new oil that they did in 1981.
