In his remarks at this week’s UN Climate Week conference, President Donald Trump reminded the UN general assembly that “we have an expression, ‘drill, baby, drill.’ You know, that’s what we’re doing.”
But according to almost 80% of the dozens of shale oil executives who responded to the 3rd quarter survey of oil and gas companies by the Dallas branch of the Federal Reserve, that’s all about to come to an end thanks in large part to the President’s focus on cutting oil prices as a means of controlling inflation.
“The uncertainty from the administration’s policies has put a damper on all investment in the oilpatch,” one executive said. Another warns that “drilling is going to disappear.”
Executives at oilfield service companies aired similar concerns, pointing to recent layoff announcements as a symptom of the current market environment. “A vibrant oilfield services sector is critical if and when the U.S. needs to ramp up production,” one says, adding, “Right now we are bleeding.”
