U.S. drilling recovery should come in second half

The banner year for drilling originally expected for 2001 was first interrupted by a full-blown recession in the U.S., only to be blindsided by the terrorist atrocities of September 11. This combination caused a dramatic drop in oil consumption, which prompted oil price declines of 35% to 38% between the beginning and end of 2001. However, despite getting off to a slow start, there was positive indications that 2002 will see the decline reversed, and drilling activity return to healthier levels.