Widespread misery was evident in the Dallas Fed’s latest survey , which included responses from 161 energy firms and took place from March 11-19. The quarterly survey offers a window into not just the economic health of the industry, but also a look into the psyche of many oil executives in Texas. The numbers were stunning. The broad business activity index, which measures activity in the energy industry, plunged in the first quarter, dropping to a -50.9 reading, down from -4.9 in the fourth quarter. More specific indices reveal similar numbers. For instance, the Dallas Fed’s index on capex fell off a cliff, declining from 9.1 in the fourth quarter to -49.0 in the first three months of the year, a reflection of the severe cuts to spending budgets. In a rather revealing slide from the Dallas Fed survey, the average price that a driller needs to simply cover […]