United States: U.S. drilling ///

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% (depending on the benchmark) between the beginning and end of 2001. Not surprisingly, drilling activity quickly followed suit, as the U.S. active rig count plummeted more than 19% by year-end.

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