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[quote=Anonymous][quote] DALLAS — If a coal mine has a canary that gives an early heads-up, perhaps an early indicator for the oil and gas industry would be the quarterly Dallas Fed Energy Survey. It’s not as cute as a canary, but it is useful for gauging the goings-on in the Texas petro industry.
I reported earlier this year on a downbeat first-quarter report from the Dallas Fed that we would keep watching this. We do so because oil and gas production contributes billions of dollars to the Texas economy.

In its report last year, the industry boasted more than 492,000 jobs here with an average pay of $128,255. The Texas Oil and Gas Association also figures it indirectly supports another 1.5 million Texas jobs

…
But when the Dallas Fed tapped into petro company sentiments, they found a well of pessimism about the current market. And among this usually very conservative-friendly crowd, they found many criticisms of Trump administration policies. 
Several execs complained about the president’s tariffs. Some examples: “Tariffs have pushed pricing higher” ... “Tariffs continue to increase the cost of production” ... “Tariffs are increasing our supply costs”. 
One added “...with tariffs on foreign tubular goods, [input] prices are up, and drilling is going to disappear”. Another had this take on the big Trump tariff announcement earlier this year: “After Liberation Day, we cut our drilling budget in half from 10 wells to 5 wells”.
The gusher gets broader from there. One respondent told the Dallas Fed, “The uncertainty from the administration’s policies has put a damper on all investment in the oilpatch. Those who can are running for the exits.” 
Another complained that, “The previous administration vilified the industry, buried it in regulation and cheered the flight of capital under the environmental, social and governance banner. Wall Street and pension funds walked away, and even private equity shifted from fueling growth to engineering exits. Now the current administration is finishing the job. Guided by a U.S. Department of Energy that tells them what they want to hear instead of hard facts, they operate with little understanding of shale economics. Instead of supporting domestic production, they’ve effectively aligned with OPEC.”[/quote]
https://www.kvue.com/article/money/business/texas-oil-gas-bosses-heap-criticism-trump-administration-policies-survey/287-29764924-7659-497a-a95a-180d47bbced2[/quote]

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