Adapted from Federal Reserve Bank of Dallas; Chart: Axios Visuals

A new report from the Dallas Fed offers a sobering look at how much the oil price collapse and falling demand are going to batter the U.S. industry.

Driving the news: Their survey of oil companies showed that many need oil prices far higher than today's low prices to profitably drill new wells.

  • A separate part of their quarterly report shows that for some companies in some regions, prices are now below what's needed to profitably operate existing wells.

Why it matters: Shale producers — both majors and independents — are planning to sharply pare back spending. Steep job losses loom in the drilling services industry.

What's next: The chart helps explain why U.S. production is slated to begin falling, though it'll take a while.

  • "We expect the recent steep decline in prices to start showing in U.S. oil production data by July, as [well] completion activity is sticky over the very short term, primarily due to hedging," Barclays analysts said this week.
  • The Energy Information Administration sees U.S. production starting to slide in Q3, and fall to an average of 12.66 million barrels per day next year compared to roughly 13 million this year.
  • Their next forecast will show up in early April and could show even deeper projected declines.

Go deeper: Oil giants announce steep cutbacks

Go deeper

Fauci says White House effort to discredit him is "bizarre"

Photo: Joshua Roberts/Getty Images

Anthony Fauci told The Atlantic on Wednesday that efforts by certain White House officials to discredit him are "bizarre" and that it "ultimately hurts the president" to undermine a top health official in the middle of a pandemic.

Driving the news: Fauci's comments come on the heels of a USA Today op-ed by White House trade adviser Peter Navarro, who claimed that Fauci has been "wrong about everything" related to the coronavirus that the two have interacted on. Fauci told The Atlantic: “I can’t explain Peter Navarro. He’s in a world by himself.”

2 hours ago - Health

Oklahoma Gov. Kevin Stitt tests positive for coronavirus

Oklahoma Gov. Kevin Stitt. Photo: Alex Wong/Getty Images)

Oklahoma Gov. Kevin Stitt (R) announced on Wednesday he has tested positive for the coronavirus and will self-isolate, Tulsa World reports.

Why it matters: The 47-year-old Stitt is believed to be the first governor in the U.S. to test positive. He attended President Trump's rally in Tulsa last month, which the county's health department director said likely contributed to a surge in cases in the region.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 11 a.m. ET: 13,357,992 — Total deaths: 579,546 — Total recoveries — 7,441,446Map.
  2. U.S.: Total confirmed cases as of 11 a.m. ET: 3,432,307 — Total deaths: 136,493 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Public health: Florida's outbreak is getting worse — Testing is again overwhelmed by massive U.S. caseload.
  4. Business: UnitedHealth posts most profitable quarter in its history — Walmart will require all customers to wear masks.
  5. Politics: White House says it didn't clear Navarro op-ed that attacked Fauci.