The publisher of World Oil, Ron Higgins, released his annual letter earlier this year and predicted significant improvement in the outlook for the industry.

Among the 2010 forecasts, Higgins expects to see US drilling activity grow by 14.9% over last year with total rig counts up 28% over 2009 and Canadian drilling to rise by 16% over 2009.

He also reports that Houston-based Groppe, Long & Littell predicts a 2010 average price of $80.50/bbl and an average price of $7.15/Mcf at Henry Hub for natural gas, although new domestic production could push that down to $6.50/Mcf.