The Trump administration has been easing oil regulations, accelerating the approval of fossil-fuel-related infrastructure projects, and proclaiming its undying support for the oil and gas industry. But much of the oil patch is in the doldrums. Crude oil prices are stuck in the low $60s/bbl, upstream capex and oilfield activity are down, and some U.S. producers are saying that higher OPEC+ production, up-and-down tariffs, and general uncertainty about what’s ahead make this a particularly challenging time. In today’s RBN blog, we’ll discuss the contrast between what the oil and gas industry had hoped 2025 would bring and how things stand now.
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Sure, things have been worse — way worse, in fact. But producers had gotten used to crude oil prices north of $70/bbl and aren’t thrilled about where prices are today. And while many doubt that prices will fall as low in 2026 as the Energy Information Administration (EIA) has been predicting — $52/bbl in its most recent forecast — they do have concerns. Most E&P executives are moderating their public, on-the-record statements, but many of the below-the-radar comments that producers and oilfield services companies submitted in response to the Federal Reserve Bank of Dallas’s Q3 Energy Survey sounded like two-star reviews on Yelp — with the powers-that-be in Washington, DC, getting much of the blame. Here’s a sample:
- “The administration is pushing for $40 per barrel crude oil, and with tariffs on foreign tubular goods, [input] prices are up, and drilling is going to disappear.”
- “The previous administration vilified the industry, buried it in regulation and cheered the flight of capital. ... Now the current administration is finishing the job.”
- “The uncertainty from the administration’s policies has put a damper on all investment in the oil patch.”
Soft crude oil prices (left graph in Figure 1 below), elevated input costs, and sometimes volatile relations with longtime trading partners aren’t all that E&P managements are concerned about. Since the last trading day of the Biden administration, the S&P Oil & Gas Exploration & Production Select Industry Index, which tracks the stock performance of U.S. producers, has fallen 13% — red arrow in right graph. (During President Biden’s term, the index increased by 110%, though that was off COVID-related lows.)
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About the song
“Good Times” was written by Bernard Edwards and Nile Rodgers and appears as the first song on Chic’s third studio album, Risque. The song is a perfect showcase for Edwards and Rodgers’s production skills: thumping drums and percussion; heavy, deep bass grooves from Edwards; upper-register, clear piano riffing; and clean, funky 9th-chord guitar embellishments from Rodgers on his 1960 Stratocaster, nicknamed “The Hitmaker.” The eight-minute extended mix of the song on the album would fill the dance floors of discotheques worldwide. Rodgers has said the song was inspired by the 1974 hit “Hollywood Swinging,” by Kool & the Gang. In late 1979, the Sugar Hill Gang used “Good Times” as the basis for their hit song, “Rapper's Delight.” Blondie’s 1980 hit single, “Rapture,” was a tribute to Chic, and Deborah Harry’s 1981 solo album, KooKoo, was produced by Edwards and Rodgers. Released as a single in a shorter, 3:41 version in June 1979, Chic’s “Good Times’ went to #1 on the Billboard Hot 100 Singles chart and has been certified Gold by the Recording Industry Association of America (RIAA). Personnel on the record were: Nile Rodgers (guitar), Bernard Edwards (bass), Tony Thompson (drums), Sammy Figuera (percussion), Raymond Jones, Robert Sabino (keyboards), Andrew Barrett (piano), Alfa Anderson, Fonzi Thornton, Luci Martin, Michelle Cobbs (vocals), and Cheryl Hong, Karen Karlsrud, Karen Milne and Valerie Haywood (strings).
Risque was recorded in 1978-79 at the Power Station in New York City. Produced by Bernard Edwards and Nile Rodgers, and engineered by Bob Clearmountain, the album was released in July 1979. It went to #5 on the Billboard 200 Albums chart and has been certified Platinum by the RIAA. The album is considered by many to be a defining record of the disco era. Three singles were released from the LP.
Chic is an American disco band formed in New York City in 1972 by Nile Rodgers and Bernard Edwards. The two had met in 1970 when they were working as studio musicians in the New York City area. Chic released their eponymous debut album on Atlantic Records in 1977. They have released nine studio albums, two live albums, a soundtrack album, 12 compilation albums and 27 singles and have sold more than 100 million records worldwide. The band has been nominated a record 11 times for inclusion in the Rock and Roll Hall of Fame. Nile Rodgers was inducted for Musical Excellence in 2017. An astounding 50 members have passed through the band since its formation. Founding member Bernard Edwards died in Tokyo in April 1996 at 43. Nile Rodgers & Chic — the band’s current moniker — continue to record and tour.
"About the Song" -- written by Mickey McMahan , RBN Director of Musicology
