Dallas Fed Survey Of Oil Executives Suggests Biden Is 'Holding Us Back'
https://www.zerohedge.com/commodities/da...holding-us-back
Authored by Andrew Moran via The Epoch Times (emphasis ours),

U.S. oil and gas sector activity advanced at a strong pace, although the rate of expansion decelerated in the third quarter, according to the Federal Reserve Bank of Dallas Energy Survey for the third quarter.

The business activity index, a measurement of conditions facing energy companies in the region, fell to 46.0 in the July-to-September period from the second quarter’s record of 57.7.

Executives at exploration and production (E&P) firms noted that crude oil and natural gas production increased at a solid rate of 31.7 and 35.6, respectively.

Costs continue to remain elevated for the seventh consecutive quarter as the index for input costs clocked in at 83.9. None of the 58 oilfield services firms that participated in the regional central bank’s quarterly survey recorded a drop in input costs. In addition, the indexes for finding and development costs and lease operating expenses for E&P entities eased slightly to 64.7 and 70.2, respectively.

“Oilfield service inflation has increased, uncertainty has increased and oil prices have decreased. This is a recipe for lower to flat industry spending in 2023,” one E&P executive stated.-- excerpt, rest at link above --