Market chaos exacerbates business uncertainty, American shale oil executives' dissatisfaction with the Trump administration is growing.

The latest energy survey by the Dallas Federal Reserve in the United States shows that the intense fluctuations in the oil market caused by conflicts in the Middle East are increasingly frustrating senior executives in the American shale oil industry. Several interviewed corporate executives openly stated that the current market chaos is making industry operations more difficult, and they are questioning the U.S. government's failure to clearly outline strategic goals in the conflict. This report released by the Dallas Federal Reserve on Thursday has garnered significant attention in the energy industry, covering energy production and oilfield service companies in Texas, northern Louisiana, and southern New Mexico. Many industry insiders criticized U.S. President Trump for failing to clearly explain the policy logic behind the conflict, making it difficult for businesses to assess future risks. One interviewed executive stated that if the government believes it is necessary to prolong the conflict, they should clarify long-term strategic goals and the risks faced if no action is taken, saying, "This cannot just be about crude oil supply." It is worth noting that after completing the regular survey for the first quarter in March, the Dallas Federal Reserve rare added a special questionnaire to track the impact of the escalating Middle East situation on the energy market. As the updated survey results were released, international oil prices were experiencing high volatility, providing new clues for observing inflation and energy market risks before the Federal Reserve's April meeting. Since the outbreak of the conflict between the U.S. and Iran at the end of February, the price of the U.S. benchmark crude oil West Texas Intermediate (WTI) has risen by more than a third. Although high oil prices usually stimulate U.S. shale oil producers to increase production, major publicly traded oil companies have not yet announced new drilling plans, indicating a cautious attitude towards expanding capital expenditures. Meanwhile, most of the shipping in the Strait of Hormuz remains blocked, trapping around one-fifth of the global crude oil supply. The survey shows that about 80% of respondents expect shipping to return to normal by August at the earliest. However, many executives admit that in the current situation, such predictions themselves have a high level of uncertainty. Another interviewed executive bluntly stated, "In such a chaotic environment, it is extremely difficult to make any predictions for the energy industry." The survey also reveals that there is a growing dissatisfaction among the American shale oil industry towards the Trump administration. A senior executive from an oilfield service company warned that the long-term consequences of this war have not been fully assessed, and the disruptions it may cause to the energy market and even broader macroeconomic indicators could be significant. The unpredictability of the current government policy style has almost made the business models of companies lose their reference basis.