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As U.S. oil production—and profits—remain high, oil company executives continue to criticize "Washington's war against domestic oil and gas." According to the Federal Reserve Bank of Dallas quarterly survey of oil company executives in New Mexico, Texas, and Louisiana, the industry continues to express frustration with Biden administration policies despite strong production and profits.
The disconnect between industry sentiment and the state of the market, however, is especially striking. U.S. oil production remains strong, surpassing that of the next two largest producers (Russia and Saudi Arabia), and profits are correspondingly robust, in many cases exceeding projections. The Permian Basin, which underlies New Mexico and Texas—two of the states covered by the Federal Reserve Bank of Dallas Survey—has been a leader in production and profits.
"Washington continues to pick business winners and losers, and this practice hampers cooperation and fairness across all sectors," complained one industry executive in an anonymous comment. Meanwhile, U.S. oil and gas production, already at record levels, is forecast to remain strong and even increase over the course of 2024 and beyond, threatening the world's ability to meet the emissions and warming goals of the Paris climate agreement.
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I like thinking that these migrations that are happening right now on the reservation have always been there, and we have always tracked them. I like thinking and assuming that my ancestors followed the same deer down the same paths they used, and now see their two descendants relying on each other.”
