“The US isn’t running out of oil, but she sure is running out of $60 per barrel oil.”

The US oil and gas industry is taking its private backlash against President Donald Trump’s energy agenda to the next level, warning that policy missteps are hurting the world’s biggest oil producer.

The criticism was revealed in the latest energy survey from the Federal Reserve Bank of Dallas. 

The quarterly publication is widely read within the energy sector and features anonymous, unfiltered comments from respondents working at production and service companies.

West Texas Intermediate, the US crude benchmark, is down almost 10% in 2025 and traded on Wednesday under $65 a barrel.

Bloomberg 24 September 2025

https://www.bloomberg.com/news/articles/2025-09-24/us-shale-bosses-decry-broken-business-as-trump-wants-more-oil


We will drill, baby, drill; shale output peaked in November 2023

Donald Trump is late to the shale party.

The fracking boom of the last 15 years has largely run its course as the best seams are exploited and productivity declines.

https://englundmacro.blogspot.com/2025/01/we-will-drill-baby-drill-shale-output.html


https://englundmacro.blogspot.com/2025/05/usd-och-handelsunderskottet.html



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