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.
April 21, 2025
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.
March 31, 2025
Surveys
Oil and gas activity edges higher; uncertainty rising, costs increase
Activity in the oil and gas sector increased slightly in first quarter of 2025, according to oil and gas executives responding to the Dallas Fed Energy Survey.
March 26, 2025
New Mexico fuels U.S. crude oil output, funding for local programs
New Mexico has become a U.S. leader in energy production over the past five years, drawing on Permian Basin reserves in the southeastern corner of the state. Oil and gas proceeds fund an increasing share of state government, most notably involving education programs.
March 24, 2025
Research Department Working Papers
The Effects of Competition in the Retail Gasoline Industry
This paper estimates the effect of competition on incumbent firm pricing by using high frequency price data and the precise geographic location for all gas stations in California.
March 05, 2025
Permian Basin Economic Indicators
Employment in the Permian Basin region grew in the fourth quarter. The unemployment rate decreased slightly, while average hourly earnings rose in December.
March 03, 2025
Energy Indicators
Natural gas liquids production increased in 2024 as did exports. The number of U.S. chemical railcar loadings remained flat compared to last year. Intermediate chemical prices have risen in recent months, while chemical export numbers, adjusted for inflation, are on the decline.
February 20, 2025
Geopolitical oil price risk not a major driver of global macroeconomic fluctuations
Notwithstanding the attention geopolitical events in oil markets have attracted, we find that geopolitical oil price risk is unlikely to generate sizable recessionary effects.
February 18, 2025
Research Department Working Papers
The Impact of the 2022 Oil Embargo and Price Cap on Russian Oil Prices
This paper documents the effect of the oil embargo and price cap on Russian oil exports in the wake of the Russian invasion of Ukraine in February 2022.
January 31, 2025
Energy Indicators
U.S. exports of liquefied natural gas (LNG) are expected to continue to grow further into 2025. From October 2024 through the beginning of this year, U.S. natural gas and heating oil prices remained fairly steady.
January 23, 2025