Oil field activity flat as inflation keeps hammering oil and gas
Many more firms are experiencing cost increases than are those seeing decreases, but the increases were not as widespread during the second quarter as they were in the prior period, said Jesse Thompson, senior business economist at the Dallas Fed's Houston branch. Still, the inflation experienced by the energy industry is higher and more enduring that one might expect, he said.
"Inflation in the energy sector has outpaced inflation overall in the U.S. handily," Thompson said."Steel, the cost of running a rig, frack crews, oil field chemicals — everything is more expensive." During the first quarter, the industry held steady in its utilization of production services equipment, but that changed during the second quarter, with more firms reporting decreases in utilization rates.The U.S. rig count, tabulated each week by oil field services giant Baker Hughes, fell by 8 rigs last week to 687 rigs from 695 the week before. The count is down around 7 percent from 740 rigs during the same week last year.
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