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Energy

  • Low oil prices, local impact: do depressed energy markets affect banks?

    Oil prices have swung dramatically in recent years, shaped by geopolitical conflicts, evolving global demand and shifting energy policies.

  • Research Department Working Papers

    Time-Limited Subsidies: Optimal Taxation with Implications for Renewable Energy Subsidies

    Pigouvian subsidies are efficient, but output subsidies with uncertain or limited durations are not Pigouvian. This paper shows that optimal “time-limited” policies must also subsidize investment to correct externalities generated after the output subsidy ends.

  • Energy Indicators

    Production from OPEC+ member countries is increasing. That’s keeping downward pressure on oil prices, tempering the impact of recent attacks on Iran by Israel and the United States.

  • Surveys

    Oil and gas activity contracts slightly as uncertainty remains elevated

    Activity in the oil and gas sector contracted slightly in the second quarter of 2025, according to oil and gas executives responding to the Dallas Fed Energy Survey.

  • Energy Indicators

    Retail gasoline and diesel prices continue to decline. Motor gasoline consumption remains in line with historic trends, and distillate fuel consumption dipped significantly in the first half of 2025. Natural gas liquids production continues to grow, as do exports.

  • Energy Indicators

    Texas solar power generation grew faster compared to other fuel types in 2024, although natural gas and wind generation continue to make up the highest shares of Texas’ electricity grid.

  • First quarter 2025

    Permian Basin Economic Indicators

    Employment in the Permian Basin grew in the first quarter. Meanwhile, the unemployment rate in the region increased slightly from the end of fourth quarter 2024. Home sales decreased, while the median price of homes sold fell slightly.

  • Energy Indicators

    Energy executives surveyed by the Dallas Fed reported an increase in the price of oil needed to justify drilling, as economic uncertainty and planned production increases from OPEC+ nations pushed oil prices down.

  • Energy Indicators

    U.S. oil and natural gas rig counts declined in the first quarter of 2025 compared with the first quarter of 2024. U.S. days of supply of crude, gasoline and distillate were above the five-year average. U.S. retail fuel prices were down in March along with Brent crude oil. The U.S. producer price index (PPI) for electricity increased.

  • Oil and gas industry shows discipline on capex, but risks remain

    Oil and gas companies will likely maintain a conservative stance toward production growth, with continued focus on capital discipline and maintenance capex.