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Shaky North American Market Dims Outlook

Publication Date: 6/30/2010
Author: Bruce Buckley
Format: HTML

Description:
Uncertainty looms over the petroleum sector. In March, the industry saw new opportunities open up when President Obama lifted a 20-year moratorium on offshore drilling along the East Coast, as well as portions of the Gulf of Mexico and the Alaskan coastline. Three weeks later, the political environment took a dramatic turn following the April 20 explosion at BP’s Deepwater Horizon rig in the Gulf of Mexico. The administration ordered a temporary ban on offshore drilling in the Gulf and halted exploration of several new areas. Portions of the oil industry have since been locked in a court battle over the federal government’s actions, leaving petroleum engineering and construction firms with a fuzzy market forecast.

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