US Mining and Energy Extraction Sector NAICS 21

Oct 14, 2025 - Miners Protest Delay in Protective Legislation

• Fed up with waiting for the Trump administration to to enforce federal limits on silica dust exposure, coal miners traveled to Washington in October to protest outside the Labor Department, The New York Times reports. Miners from West Virginia and other coal mining states say the administration has failed to protect them from black lung disease, an incurable illness caused by inhaling coal and silica dust. Cases of black lung disease have spiked recently, particularly among younger miners, due to exposure to silica dust, which, like coal dust, is a carcinogen. Mining industry groups have sued to block silica dust regulation limiting miners’ exposure citing the cost to mine operators. While the Biden administration set limits on miners’ exposure to the silica dust similar to that in the construction and other industries, the Trump administration has paused enforcement while the lawsuit plays out.
• On October 10, the price per barrel of West Texas Intermediate (WTI) crude oil tumbled below the critical $60 mark for the first time since May, with Brent crude oil following suit, closing down 3.82%, OilPrice.com reports. The collapse in the price of oil was the result of a one-two punch: the Israel-Gaza cease fire’s easing of geopolitical risk; and escalating trade tensions between the US and China following new tariff threats on Chinese imports by President Trump that sparked fears that a global trade war would severely curtail world economic growth and, consequently, crush oil demand. According to OilPrice.com, the oil and gas industry's shift towards capital discipline and profitability over growth means that oil prices must stay above $70 per barrel for meaningful activity to continue.

• ConocoPhillips has announced plans to reduce its workforce by up to 25%, making it the latest US oil producer to announce major layoffs, The Wall Street Journal reports. The Houston-based crude oil producer’s move follows Chevron’s announcement in February of plans to cut its workforce up to 20% by the end of 2026. The drilling industry is laying off workers despite President Trump’s energy-friendly policies and promise of a “golden age for fossil fuels,” according to WSJ. However, Trump’s chaotic trade policies have created global economic uncertainty, weighing on oil prices. That, combined with an announcement by OPEC+’s this month that it will boost oil output, is depressing US oil prices, currently around $62 a barrel – below the break-even point for many of the industry’s smaller players. Moreover, the administration’s 50% tariff on steel imports is raising drillers’ costs causing producers to cut back.
• According to the latest quarterly Dallas Fed Energy Survey, more than a quarter (27%) of oil-and-gas companies active in Texas and adjacent territories plan to cut back on capital spending in 2026 compared to nearly 40% who continue to expect spending on capex to rise next year. The survey of business leaders at exploration and development companies and oilfield services firms found the drop to be concentrated among large producers, with 75% saying they now expect to drill fewer wells this year than planned to at the start of 2025. By contrast, only 34% of leaders from smaller companies said they’ve scaled back their plans. The share of business leaders surveyed in the second-quarter who said they expect to trim capex in the next year was the highest since late 2023. Leaders disagree with the Trump administration regarding a viable price per barrel for West Texas Intermediate crude oil.