Dallas Fed Manufacturing, December 29

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src="https://web.archive.org/web/20150118054540im_/http://static3.businessinsider.com/image/54a176ea6bb3f76f662f3541-480/texas-permian-shale-oil-basin-drill.jpg" alt="texas permian shale oil basin drill" width="480"><span class="source"><span>REUTERS/Terry Wade</span></span><span class="caption">Rigs contracted by Apache Corp drilling for crude oil locked tight in shale in west Texas’ Permian Basin near the town of Mertzon, Texas, on Oct. 29, 2013.</span> </div> <div class="perfect-market article-ad-image"></div> <p></p> </div> <p><span style="line-height: 1.5em;">Business executives in Texas are worried about the drop in oil prices. </span></p> <p>On Monday, t<span style="line-height: 1.5em;">he <a href="https://web.archive.org/web/20150118054540/http://dallasfed.org/microsites/research/surveys/tmos/index.cfm">Dallas Fed's latest manufacturing</a> survey showed that activity in Texas was slowing down.</span></p> <p>The latest composite index came in at 4.1, widely missing expectations and down big from November's reading. <span style="line-height: 1.5em;">Expectations were for the index to come in at 9, </span><a href="https://web.archive.org/web/20150118054540/http://dallasfed.org/microsites/research/surveys/tmos/index.cfm">down from 10.5 last month</a><span style="line-height: 1.5em;">. </span></p> <p><span style="line-height: 1.5em;"><span>Many </span><span></span><a href="https://web.archive.org/web/20150118054540/http://www.businessinsider.com/us-income-bracket-savings-cheaper-oil-2014-12">economists have noted</a><span> that as the drop in oil prices leads to cheaper gas, American consumers stand to benefit from what is effectively a tax cut.</span></span></p> <p>But the big takeaway from Monday's Dallas Fed report is that businesses in Texas, which has been a <a href="https://web.archive.org/web/20150118054540/http://www.businessinsider.com/goldman-sachs-on-cheap-oil-2014-11">major beneficiary</a> of the shale boom, have noted the drop in oil prices and not for the better. </p> <p>According to the report, among comments from business executives in metal product manufacturing was that the drop in crude oil prices was<strong> "going to make things ugly ... quickly."</strong></p> <p>Another comment from an executive in the same sector said "the price of oil tanking was a surprise." </p> <p>The price of oil has <a href="https://web.archive.org/web/20150118054540/http://www.businessinsider.com/oil-price-charts-2014-12">fallen more than 40%</a> over the past several months, and on Monday afternoon, West Texas Intermediate crude oil <a href="https://web.archive.org/web/20150118054540/http://www.businessinsider.com/oil-plunges-december-29-2014-12">was crashing again</a>, falling below $54 in a sharp 1.8% drop. <span style="line-height: 1.5em;">In June WTI was closer to $105. </span></p> <p>And these concerns over the price of oil were widespread across industries in Texas. </p> <p>An executive in the wood product manufacturing industry said "the price of oil makes me very concerned about the service sector," while an executive in the electrical equipment and appliance manufacturing sector said "falling oil prices will negatively affect our business."</p> <p><span class="KonaFilter image-container display-table float_left"><span><span data-post-image class="image"><img src="https://web.archive.org/web/20150118054540im_/http://static6.businessinsider.com/image/548b643cecad04b81d3e47fd-800-600/wti1yr-1.png" border="0" alt="WTI1yr"><span class="source"><span>Business Insider</span></span><span class="caption">The collapse in oil prices has business leaders in Texas worried.</span></span><p></p></span></span></p> <p>In the machinery manufacturing sector, executives expressed concern about the drop in oil prices but said they had received comments on both sides of the issue, i.e. comments that see the drop in oil as net positive and a net negative. </p> <p>As one executive in this sector said: "<span style="line-height: 1.5em; color: #000000;">Our business remains quite strong, and our outlook is good. However, we remain cautious over concerns about how lower oil prices will impact our midstream and downstream energy customers. We don't believe it will be a negative impact, but there could be unanticipated consequences (e.g., market fear)."</span></p> <p><span style="line-height: 1.5em; color: #000000;">Over the past several months, much of the coverage regarding oil has tackled how low the will price go and when the plunge will stop. But now that we have seen lower oil prices for several months, we will begin to see how businesses digest and adapt to this reality. </span></p> <h3><strong><br>NOW WATCH: <a href="https://web.archive.org/web/20150118054540/http://www.businessinsider.com/70-million-mansion-minecraft-jay-z-beyonce-beverly-hills-2014-12">Here's Video Of That Bonkers $70 Million Mansion That The Minecraft Creator Bought, Outbidding Jay Z And Beyoncé</a></strong></h3> <div><div> <script src="//web.archive.org/web/20150118054540js_/http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script><div id="ooyalaplayer" style="width:1920px;height:1080px"></div> <script>OO.ready(function() { OO.Player.create('ooyalaplayer', 'VvdHNkcjpVBFK8Myfcw19cYkLFn7AJby'); });</script><noscript><div>Please enable Javascript to watch this video</div></noscript> </div></div> <p class="embed-spacer"></p>  <div id="see-also-links" class="clearfix clear-both margin-bottom"> <p> <span>SEE ALSO: </span> <a 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