A laundry list of fears is deterring the upstream industry from spending. Operators seem to be suffering a crisis of economic confidence. A collective mindset like this is not easily dislodged – it will require a confluence of several factors in the U.S., Canada and the UK to change, including good economic news; prompt resolution of accounting scandals; more consistent, clear foreign policy; a little help from Mother Nature; and good, decisive leadership from top politicians.
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