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Data: Federal Reserve Bank of Dallas; Chart: Thomas Oide/Axios

Oil executives surveyed by the Dallas Fed predict levels of electric car sales that would be far short of President Biden's goal of having cars with a plug make up half of U.S. sales by 2030.

Driving the news: The chart above shows responses to one of the bank's questions to oil-and-gas companies in their latest quarterly survey.

  • The question to companies headquartered in the banks' region, which includes Texas, did specifically cite Biden's target.

Quick take: Crystal balls on energy transition are notoriously unreliable.

  • But if nothing else, the answers suggest that the execs don't see a key source of oil demand — the U.S. transport sector — shifting as fast as EV advocates are hoping.

By the numbers: Here are a few more snapshots from the latest survey of roughly 140 companies as production continues growing after the pandemic-fueled decline...

  • Oil-and-gas producers and oilfield services companies both report rising business costs (Bloomberg has more about that).
  • Half of oil-and-gas support services firms report difficulty hiring workers.
  • On average, the companies expect a West Texas Intermediate oil price of $70-per-barrel at year-end.
  • 87% of respondents say their firms are not purchasing carbon credits or offsets.

Go deeper

Business leaders expect wages to keep going up

Expand chart
Data: NABE Business Conditions Survey; Chart: Thomas Oide/Axios

America’s business leaders expect to keep shelling out higher wages to employees.

Driving the news: According a new quarterly survey released today by the National Association for Business Economics, a record high 58% of respondents increased pay at their firms during the third quarter — and nearly the same share expects to do so again in the coming months.

Ben Geman, author of Generate
Oct 23, 2021 - Energy & Environment

Saudi Arabia vows net-zero emissions by 2060

Saudi Crown Prince Mohammed bin Salman attends the opening of the Saudi Green Initiative Forum, via video link, in Riyadh, Saudi Arabia on October 23, 2021. (Photo by Royal Court of Saudi Arabia/Handout/Anadolu Agency via Getty Images)

Saudi Arabia on Saturday pledged to reach net-zero greenhouse gas emissions by 2060, deepened its 2030 targets and joined an international coalition seeking to cut emissions of the potent planet-warming gas methane by 30% in nine years.

Why it matters: The pledges from the world's largest oil exporter come just before COP26, a key United Nations summit opening Oct. 31 that is aimed at rallying worldwide actions to stem emissions that are currently on pace to bring global warming well beyond the Paris Agreement goals.

Energy crisis adds to the COP26 headwinds

Illustration: Annelise Capossela/Axios

The energy crisis roiling global markets is adding a wild card to an already unfavorable geopolitical deck of cards that will be handed to world leaders at the UN Climate Summit in Glasgow, which starts at the end of the month.

Why it matters: For the Paris temperature targets to be kept even remotely viable, studies show countries must make sharp cuts in greenhouse gas emissions by 2030, and move toward net-zero emissions by midcentury at the latest, or risk far more severe climate impacts.