Research Department Working Papers
Pollution Taxes and Clean Subsidies in an Open Economy
This paper shows that the same conditions that lead to pollution leakage enhance the efficacy of clean subsidies.
August 18, 2025
Second quarter 2025
Permian Basin Economic Indicators
Employment in the Permian Basin grew in the second quarter. Meanwhile, the unemployment rate in the region decreased slightly from the first quarter 2025. Home sales increased, while the median price of homes sold was flat.
August 18, 2025
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.
August 07, 2025
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.
August 05, 2025
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.
July 09, 2025
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.
July 02, 2025
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.
June 26, 2025
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.
June 16, 2025
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.
May 14, 2025
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.
May 01, 2025