Bearish Energy Execs Growl To Fed Over Inflation, Uncertain Outlook

摘要

Growth has stalled, production is sluggish, costs are up and oil and gas executives are grumpy, the Federal Reserve Bank of Dallas reported in its first-quarter energy survey. The business activity index plunged to 2.1 in the quarter from 30.3 in fourth-quarter 2022, indicating that activity grew little in the first three months of the year. For more than two years, activity had been on the rise in double-digits, and the drop, based on responses from energy executives, is due to the cloud of uncertainty hanging over the industry. The index is the survey's broadest measure of conditions facing energy firms in Texas, northern Louisiana and southern New Mexico.