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At this time in the oil and gas industry, there are many things going in the right direction for us, but there seems to be a negative tinge attached to each positive trend.
Oil boom but gas bust. Crude oil producers have been enjoying relatively high oil prices since mid-2010. Most forecasters expect price levels to rise steadily over the medium term in keeping with a slow global recovery. The U.S. Energy Information Administration (EIA) expects the WTI oil price to rise from $94.86/bbl in 2011 to $100.25/bbl in 2012, and as much as $105/bbl in 2013. In response to the current high prices and the expectations of a continued price rise, the industry has responded with a higher level of drilling and production activity. In fact, according to the Baker Hughes rig count, 59.4% of the rigs in the U.S. are currently drilling for oil.
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