Oil, Gas Activity Reduced in Q2 Amid Tariffs, Survey by Dallas Fed Shows
A report from the Federal Reserve Bank of Dallas has revealed that there was a slight contraction in oil and gas activity in New Mexico, Texas, and Louisiana as companies reacted to an increase in steel tariffs. The Dallas Fed survey found that the current administration's tariff war with China and several other nations is already having a tangible effect on America's oil and gas industry. This fall in activity comes after President Donald Trump doubled import tariffs on aluminum and steel from 25% to 50% early last month, making it more expensive for companies to import steel and aluminum…