Note: Map shows the area with a shake intensity of 4 or greater, which U.S.G.S. defines as “light,” though the earthquake may be felt outside the areas shown. All times on the map are Venezuela time.The New York Times
A strong, 6.3-magnitude earthquake struck in Venezuela on Wednesday, according to the United States Geological Survey.
The temblor happened at 11:51 p.m. Venezuela time about 17 miles northeast of Mene Grande, Venezuela, data from the agency shows.
U.S.G.S. data earlier reported that the magnitude was 6.4.
As seismologists review available data, they may revise the earthquake’s reported magnitude. Additional information collected about the earthquake may also prompt U.S.G.S. scientists to update the shake-severity map.
Source: United States Geological Survey | Notes: Shaking categories are based on the Modified Mercalli Intensity scale. When aftershock data is available, the corresponding maps and charts include earthquakes within 100 miles and seven days of the initial quake. All times above are Venezuela time. Shake data is as of Thursday, Sept. 25 at 12:01 a.m. Eastern. Aftershocks data is as of Thursday, Sept. 25 at 12:52 a.m. Eastern.
Suno has introduced the latest version of its AI music generator, v5, which it describes as its “most advanced music model yet.”
The $500 million-valued company revealed the update via a banner in the Apple App Store on Tuesday (September 23) and published a YouTube video outlining the new version’s key features.
The release comes days after major record labels filed an amended complaint alleging Suno engaged in illegal “stream-ripping” to obtain copyrighted music for training its AI models.
In the description for the product launch video, the AI music company describes v5 as its “most advanced music model yet,” claiming that it “composes like a musician, adapts like a collaborator, and creates like never before…”
“A lot of things should get better, musical structure, fidelity, overall composition, but also, maybe more importantly, it will power a lot of the upcoming features and capabilities on our platform,” said Suno CTO Georg Kucsko of the v5 update, in the video on Tuesday.
Suno claims that its “game-changing update” offers a “leap in audio quality,” with “natural and authentic vocals,” and “unprecedented creative control”.
Alongside v5, Suno announced plans for “Suno Studio,” an audio workstation that will integrate the new model and allow users to restructure songs by removing and adding individual components like drums, synthesizers, and vocals. The feature builds on existing tools like “add vocals” and “add instrumentals.”
The platform is also introducing “sample to song” functionality, enabling users to upload short audio snippets and expand them into full compositions. Users can record guitar lines or vocals, upload them to Suno, and integrate them into AI-generated tracks with genre modifications.
Watch the full video below:
Suno offers a free tier alongside “Pro” ($8/month) and “Premier” ($24/month) subscription options.
The company is taking a phased approach to the v5 rollout, initially limiting access to Pro subscribers only while free users await a separate upgrade.
“V5 since it’s the newest version and you know the biggest GPUs etc. It’ll be for pro users only,” Kucsko explained, describing the current release as an “early beta version” that will allow the company to “learn quickly all the things that we messed up and things that we need to quickly hot patch and improve.”
Free tier users will receive their own significant upgrade featuring “a much much better model” soon, reflecting substantial improvements since the free tier was last updated.
Stream-ripping involves bypassing technological protections on streaming platforms to download content, which violates federal anti-circumvention provisions of US copyright law.
The labels claim Suno circumvented YouTube’s “rolling cipher” encryption system to access and download their copyrighted recordings without permission.
A separate class-action lawsuit led by independent country artist Tony Justice also filed amended allegations Monday with similar stream-ripping claims, expanding the complaint from 24 to 68 pages.
Both Suno and rival platform Udio were originally sued in June 2024 by the major labels for alleged “mass infringement” of copyrighted recordings. In their responses, both companies acknowledged using copyrighted material in training but argued their use qualifies for “fair use” protection under copyright law.
The latest legal strategy appears influenced by Anthropic’s recent $1.5 billion settlement with book authors who claimed the AI company used pirated materials to train its models. That case established precedent that while AI training might qualify for fair use protections, obtaining training materials through piracy does not.
Suno faces growing competition from platforms taking different approaches to licensing. ElevenLabs recently launched Eleven Music with licensing agreements from indie music organization Merlin and publisher Kobalt. This week, AI chipmaker NVIDIA made a strategic investment in ElevenLabs.
Suno has raised $125 million in funding and reports over 12 million users have created music using its platform. The company continues to defend its use of copyrighted material under fair use doctrine while the legal cases proceed.Music Business Worldwide
A gunman armed with a rifle opened fire on a United States Immigration and Customs Enforcement (ICE) facility in Dallas on Wednesday, killing one detainee and critically wounding two others before taking his own life, authorities said.
Officials reported that the shooter left behind ammunition marked with the phrase “ANTI-ICE” written in blue. The FBI is investigating the attack as an act of targeted violence. Acting ICE director Todd Lyons confirmed that the suspect identified was a man named Joshua Jahn.
The shooting comes at a time when ICE has emerged as the sword arm of US President Donald Trump’s attempts to deport not only undocumented immigrants but also legal migrants seen as critical of his administration’s priorities – including for opposing Israel’s war on Gaza.
The attack on the ICE facility also comes two weeks after the assassination of conservative political activist Charlie Kirk, an event that led Trump to vow action against what he called left-wing extremists.
Here is what you need to know:
What happened and when?
Police said they got a call about a shooting about 6:40am local time (11:40 GMT) on Wednesday, September 24.
Four people were shot. One detainee died, and two others were taken to hospital in critical condition.
The gunman – authorities described him as a “sniper” – died from a self-inflicted gunshot. Officials said he fired indiscriminately at the ICE building from a nearby rooftop. The victims were either inside a van near the entrance to the building or nearby.
Authorities “found bullets throughout the entire building that had punctured into the facility”, ICE deputy director Madison Sheahan said.
A broken window is seen in this picture released on social media by Assistant Secretary for Public Affairs Tricia McLaughlin [@TriciaOhio via Reuters]
No police officers were hurt, according to FBI Dallas Special Agent in Charge Joe Rothrock.
The exact motivation for the attack was not immediately known. Still, FBI director Kash Patel described the attack as “politically motivated”.
“These despicable, politically motivated attacks against law enforcement are not a one-off,” Patel said in a social media post.
“We are only miles from Prairieland, Texas where just two months ago an individual ambushed a separate ICE facility targeting their officers.” On July 4, ICE said nearly a dozen individuals armed with tactical gear and weapons attacked its Prairieland facility, injuring an officer, who survived.
This morning just before 7am local time, an individual fired multiple rounds at a Dallas, Texas ICE facility, killing one, wounding several others, before taking his own life. FBI, DHS, ATF are on the ground with Dallas PD and state authorities.
ICE, or US Immigration and Customs Enforcement, is a federal agency under the Department of Homeland Security that enforces immigration laws – including arresting and deporting undocumented immigrants – and investigates crimes such as human trafficking, drug smuggling and financial fraud.
In recent years, the agency has frequently clashed with protesters, particularly over detention conditions and deportation policies.
“The Department of Homeland Security reports assaults against its officers have risen eightfold since Trump began his mass deportations,” Al Jazeera’s Heidi Zhou-Castro reported from Washington.
Trump has made immigration enforcement a centrepiece of his presidency, with large-scale deportations and high-profile crackdowns.
“Now, the agency is deploying more security to its offices – while leaders warn that the US is headed in a dangerous direction if the political violence continues,” she added.
Pray for the victims of the Dallas Field Office Attack.
Like everyone else, our ICE law enforcement officers just want to go home to their families at night. They are fathers and mothers. Sons, and daughters, brothers and sisters.
The shooting took place at ICE’s field office in Dallas, which covers Texas and all of Oklahoma.
The ICE facility sits along Interstate 35 East, just southwest of Dallas Love Field, a major airport for the Dallas-Fort Worth area, and only a few blocks from hotels that serve travellers.
This is not the first attack on the facility.
Last month, 36-year-old US citizen Bratton Dean Wilkinson was arrested after arriving at the facility and claiming he had a bomb in his backpack, showing officers what he said was a detonator on his wrist.
What do we know about the suspect?
Lyons, the acting director of ICE, confirmed to Fox News that officials had identified the suspected attacker as 29-year-old Joshua Jahn.
Jahn had lived in a Dallas suburb, according to public records. According to authorities, the gunman killed himself after opening fire, and his body was found near the ICE facility he had fired at.
Court records show Jahn was arrested in 2015 for delivering marijuana to buyers. In 2016, he admitted to delivering between a quarter-ounce (7g) and five pounds (2.3kg). He was given five years of probation and a $500 fine.
Under Texas law, the charge is considered a “state jail felony”, which is the lowest level of felony offence in the state.
Joshua Jahn appears in a police booking mugshot taken April 6, 2016, by the Collin County Sheriff’s Office [Handout/Collin County Sheriff’s Office via Reuters]
As Jahn’s name began circulating online, his older brother, Noah Jahn, spoke with a Reuters reporter. Noah, 30, who lives in McKinney, Texas – about 48km (30 miles) north of Dallas – said he was unaware of his brother having any negative feelings towards ICE.
“I didn’t know he had any political intent at all,” Noah said.
“He’s a young kid, a thousand miles from home, didn’t really seem to have any direction, living out of his car at such a young age,” Ryan Sanderson, who met him in 2017, told The Associated Press news agency.
“I don’t remember him being that abnormal. He didn’t seem to fight with anyone or cause trouble. He kept his head down and stayed working.”
What do we know about the victims?
Authorities have not released the identities of the victims. They said the three detainees who were shot were in the country without proper documentation and had been taken into custody and were awaiting transfer to a longer-term facility.
According to Mexico’s Ministry for Foreign Affairs, one of the injured detainees is a Mexican national. The ministry said the individual is hospitalised with serious injuries, and that the Mexican consulate has contacted the family to provide support and legal assistance.
What have been the reactions?
In a post on Truth Social, his social media platform, President Trump said he had been briefed on the Dallas shooting. He described the attacker as “deranged”, referred to the “Anti-ICE” message allegedly found on the shell casings and called that “despicable”.
Trump did not mention the victims, but instead urged, “CALLING ON ALL DEMOCRATS TO STOP THIS RHETORIC AGAINST ICE AND AMERICA’S LAW ENFORCEMENT, RIGHT NOW!”
“I have been briefed on the deadly shooting at the ICE Field Office in Dallas, Texas. It has now been revealed the deranged shooter wrote “Anti-ICE” on his shell casings… I AM CALLING ON ALL DEMOCRATS TO STOP THIS RHETORIC AGAINST ICE & AMERICA’S LAW ENFORCEMENT.” – @POTUSpic.twitter.com/VdC0y9biYA
Vice President JD Vance, without offering evidence, said the attack was politically motivated.
At an event in North Carolina, he said that California Governor Gavin Newsom and others didn’t need to support the Trump administration’s immigration policies, but “if your political rhetoric incites violence against law enforcement, you can go straight to hell”.
Newsom quickly responded.
“No thanks, JD. I will not be going ‘straight to hell’ today,” Newsom said. “Though when I watch you speak I certainly feel like I’m already there.”
No thanks, JD. I will not be going “straight to hell” today.
Though when I watch you speak I certainly feel like I’m already there. https://t.co/vZ5Z5bZefN
“Look, in America, we disagree. That’s fine. That’s the democratic process, but your political opponents are not Nazis. We need to learn to work together without demonising each other, without attacking each other,” he added.
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Mohammed Hajjaj said his relatives were killed when a shelter for displaced families was struck
More than 80 Palestinians were killed by Israeli fire across the Gaza Strip on Wednesday, most of them in Gaza City, local hospitals said.
Women and children were among at least 20 who died when a strike hit a building and tents sheltering displaced families near Firas market in Gaza City’s central Daraj neighbourhood overnight, according to first responders.
The Israeli military said it struck two Hamas fighters and that the number of casualties did not align with its own information.
Meanwhile, Israeli tanks and troops continued their advance into the heart of the city, which Israel says is the last stronghold of Hamas.
The military has said the ground offensive aims to secure the release of the hostages still held by Hamas and ensure the Palestinian armed group’s “decisive defeat”.
Hundreds of thousands of residents have so far fled Gaza’s biggest urban centre, where a famine was confirmed last month by a UN-backed body. But hundreds of thousands more remain there in dire humanitarian conditions, with health and other essential services collapsing.
In a separate development, US special envoy Steve Witkoff said President Donald Trump had presented a “21-point plan for peace in the Mideast and Gaza” to a group of Arab and Muslim leaders on the sidelines of the UN General Assembly in New York on Tuesday.
Witkoff gave no details about the plan, but said it addressed “Israeli concerns as well as the concerns of all the neighbours in the region”.
“We’re hopeful, and I might say even confident, that in the coming days we’ll be able to announce some sort of breakthrough,” he added.
Hospitals in Gaza City said on Wednesday afternoon they had received the bodies of more than 60 people killed by Israeli strikes and gunfire since midnight.
The Hamas-run Civil Defence agency said a third of the fatalities were the result of an Israeli strike on a warehouse sheltering displaced people near Firas market, and that six women and nine children were among them.
International journalists, including those from the BBC, are blocked by Israel from entering Gaza independently, so it is difficult to verify the reports.
But video footage from the scene showed people removing a body wrapped in a blanket from the rubble of a destroyed building.
Mohammed Hajjaj, whose relatives were among the dead, told the AFP news agency that the site was hit by “heavy bombing” while people were asleep.
“We came and found children and women torn apart. It was a pitiful sight,” he said.
Reuters
The bodies of those killed near Firas market were brought to al-Ahli hospital
Other pictures showed people mourning beside at least six bodies in white shrouds and plastic bags laid on the floor outside al-Ahli hospital.
One woman, Tala al-Deeb, said four of the bodies were her sister’s husband and two children, as well as her sister’s father-in-law.
When asked to comment, the Israel Defense Forces (IDF) said it “struck two Hamas terrorists”.
“The IDF is aware of a claim regarding casualties in the area, however the number of casualties does not align with the information held by the IDF,” it added.
Elsewhere in Gaza City, witnesses reported seeing Israeli tanks in the south-western Tel al-Hawa and north-western Rimal neighbourhoods.
The Palestinian Red Crescent said on Tuesday that Israeli military vehicles were stationed outside al-Quds hospital in Tal al-Hawa, and that its oxygen station had been damaged and taken out of service by Israeli gunfire.
The IDF said on Wednesday that “no direct strike was conducted towards the hospital”, and that the circumstances of the incident were under review.
Separately, the IDF released aerial footage that it said showed Hamas fighters of opening fire from within the compound of al-Shifa hospital in Rimal a few days ago.
Reuters cited a Hamas security official as saying that “criminal gangs” had opened fire at the hospital from outside the compound.
Reuters
Hundreds of thousands of Gaza City residents have fled the Israeli offensive
During a visit to Gaza City on Wednesday, the IDF’s Chief of Staff Lt Gen Eyal Zamir said it was “operating in the Gaza Strip with a large number of troops, with a focus on striking Gaza City to create conditions for the release of the hostages and for Hamas’ decisive defeat”.
The general also stated that “most of Gaza’s population has already left Gaza City, and we are moving them southward for their safety”.
“I call on Gazan residents: rise up and break away from Hamas – it is responsible for your suffering. The war and the suffering will end if Hamas releases the hostages and relinquishes its weapons,” he added.
Hamas’s military wing warned the IDF that expanding its operations in Gaza City would endanger the 48 remaining hostages, about 20 of whom are believed to be alive.
Israeli media cited the IDF as saying that about 700,000 residents had so far evacuated to southern Gaza since the plans for the offensive were announced last month.
However, the UN and its humanitarian partners said they had only monitored 339,600 people crossing into the south as of Tuesday.
They have also previously warned that the Israeli-designated “humanitarian area” for the displaced in al-Mawasi is already overcrowded and unsafe.
Gaza City resident Thaer Saqr said he had attempted to travel south from the Sheikh Radwan neighbourhood on Tuesday with his wife, children and sister.
“The tanks on the coastal road… opened fire on us, and my sister was killed,” he told AFP.
He said they were now at al-Shifa hospital and would “not leave, even if they kill us all”.
On Tuesday, the UN’s human rights office decried the IDF’s tactics in Gaza City, saying there had been a sharp increase in the number of civilians being killed in Israeli attacks and that the targeting of civilian infrastructure and destruction of homes was “making it likely that the displacement will be permanent”.
It also criticised Israeli authorities, including Defence Minister Israel Katz, for threatening to destroy Gaza City if Hamas did not comply with Israel’s demands.
“Such tactics and statements seem intended to inflict terror and fear amongst civilians and to force them to leave northern Gaza,” it warned.
The Israeli military launched a campaign in Gaza in response to the Hamas-led attack on southern Israel on 7 October 2023, in which about 1,200 people were killed and 251 others were taken hostage.
At least 65,419 people have been killed in Israeli attacks in Gaza since then, according to the territory’s health ministry.
Fitter and Faster Swim Camps is the proud sponsor of SwimSwam’s College Recruiting Channel and all commitment news. For many, swimming in college is a lifelong dream that is pursued with dedication and determination. Fitter and Faster is proud to honor these athletes and those who supported them on their journey.
Carolyne Jia from Burnaby, British Columbia, has announced her commitment to continue her academic and athletic careers at Delaware beginning in fall 2026.
“I’m so excited to announce my verbal commitment to pursue my academic and D1 swimming career at the University of Delaware! I’m incredibly grateful to my family, coaches, and friends for guiding me along this journey and helping me become the person I am today. I also want to thank the coaching staff at Delaware for giving me this amazing opportunity! I can’t wait to be part of this incredible team! GO BLUE HENS!!!”
Jia swims for Langley & Abbotsford Olympians out of Langley, BC, in the suburbs of Vancouver. She most recently competed at the Canadian SCM Championships in August, posting numerous lifetime bests. She finished 5th in the 50 back (28.31) and 7th in the 50 free (25.93). She also swam personal bests in the 100 free (57.28) and 100 back (1:03.02).
Earlier this summer, Jia swam at the Canadian Trials. She swam to a lifetime best 28.94 in the long course 50 fly.
Jia’s Best SCM Times (With SCY Conversions) Are:
50 free: 25.85 (23.28)
100 free: 57.28 (51.60)
50 back: 28.31 (25.50)
100 back: 1:03.02 (56.77)
The Delaware women finished 3rd out of nine teams at the 2025 CAA Championships. Victoria Novinskiy led the way with 86 individual points including a conference title in the 200 fly in a 1:57.28. The team is notably joining the ASUN this upcoming season.
Based on her best times, Jia has the potential to make an immediate impact upon her arrival. Her best converted time in the 50 free would already have made the ASUN ‘A’ final while her 100 back time would have made the ‘B’ final. She also has relay potential as she would have been #5 in the 50 free and #2 in the 50 back this past season.
Jia will arrive next fall as a member of the class of 2030 along with Kelsey McPeek, Olivia Auwarter, and Lindsay Murtaugh.
If you have a commitment to report, please send an email with a photo (landscape, or horizontal, looks best) and a quote to Recruits@swimswam.com.
About the Fitter and Faster Swim Tour
Fitter & Faster Swim Camps feature the most innovative teaching platforms for competitive swimmers of all levels. Camps are produced year-round throughout the USA and Canada. All camps are led by elite swimmers and coaches. Visit fitterandfaster.com to find or request a swim camp near you.
We’ve long known Specialized to be among the brands charging crazy-high prices for top-spec ebikes, but the new S-Works Turbo Levo 4 LTD e-MTB takes the trend to alarming heights, pricing in a few thousand dollars higher than a brand-new Nissan Versa. It’s as if the company charged $1,000 for every character in that run-on product name. With its marbly blue-swirl paint and “cyborg”-level power delivery system, the LTD is definitely a wondrous piece of machinery, but is it really worth the price of a brand-new entry level sedan?
$20,000 no longer gets you very far in the auto market, but it is more than enough for a brand-new 2025 Nissan Versa S with a modest 122 horsepower and five seats. In fact, you’ll even have some money left over to put toward taxes and registration, as the 2025 Versa S prices in at a US$18,435 base, including destination and handling.
Or, you could spend that same $20K on an electric mountain bike with a hair under 1 single horsepower to go along with its 1 single seat. And you’ll be on your own with taxes because the S-Works Turbo Levo 4 LTD costs that whole $20K, minus the token penny that allows Specialized to desperately cling to the “1” at the front-end of the five-figure price tag.
We realize electric bikes have been known to effectively replace cars in terms of certain styles of urban trips, but we didn’t think they were supposed to replace the entire upfront cost, too.
Specialized adds some fancy component swaps, a Blue Astral paint job, a range extender battery … and nearly $5K of price
Specialized
So what do you get for that kind of coin? A weight lower than a non-motorized XC race bike? Unlimited range via a battery that works off ambient humidity? Exclusive access to a private heli-biking lodge in the Selkirks? An actual cyborg to ride the bike for you?
Nope, nope, nope and nope.
In fact, we’re not seeing any standout component bump or accompanying privilege worth the extra $4,600 stack of bills over the standard S-Works Turbo Levo 4. Both bikes feature the same Specialized S-Works 3.1 mid-motor drive with 720 watts and 111 Nm lb-ft of torque – lofty figures, yes, but beyond not rising above the $15,400 standard Levo 4, they’re actually less than what you can get on the new DJI Amflow PL (price: $7,499+).
Break-out of the S-Works 3.1 motor
Specialized
As for the “cyborg” marketing, Specialized calls it “an electric mountain bike so advanced it transforms you into a cycling cyborg,” continuing: “Together you’re supernatural, fortified with super power, traction, control, and range to conquer any off-road terrain.”
Basically, words you could use to describe any powerful mountain electric mountain bike or, even more accurately, riding a bike while suited up with one of several new electric sport exoskeletons.
While the LTD shares its electric drive system and SRAM AXS wireless electric shifting with the standard Levo 4, it does gain a few new trick upgrades, starting with the 280-Wh range-extender battery that’s thrown in as part of the base price. Sold as a separate add-on for the standard Levo 4, the bottle-type range extender adds 33% more overall capacity and range to augment the removable down-tube-stowed 840-Wh battery. Specialized estimates up to 4.75 hours of runtime with both batteries charged, installed and ready to ride.
Digging a little deeper into the Levo 4 LTD spec sheet does wield some additional upgrades, most notably in the big, powerful Fox Podium inverted fork. Then there’s the Trickstuff Maxima four-piston front and rear brakes, I9 Hydra 2 hubs and Cane Creek printed titanium cranks.
Extremely nice adds, for sure, but worth $4,600?
One of the big additions for the LTD is Fox’s new Podium inverted suspension fork
Specialized
And if you’re thinking the fancier bespoke component set will save some serious weight, get ready to burst that thought bubble with extreme disappointment. Not only does that not happen, the Levo 4 LTD actually packs on about 11 oz (312 g) over the standard Levo 4, weighing a not-light-at-all 52.9 lb (24 kg). At $377 per pound, it’s at least on the inexpensive end of the scale … for caviar or truffles.
Specialized finishes the LTD off with a heavy splash of gorgeous blue marble-swirl paint it calls Astral Blue. “Our Strata technique weaves a free-flowing, one-of-a-kind pattern that softens body lines, creating a dynamic interplay of deep and light blues,” the company describes. “A harmony of calm and chaos, it shifts with every angle – fluid, bold, and undeniably unique.”
We definitely like the look, but not to the tune of $20K. Or even the $3K and change that Bike Rumor worked out the special paint job costs after itemizing out the extra cost of the individual component upgrades.
To be fair, the site was working with a lower comparative standard Levo 4 price than the $15,400 that Specialized lists on its website now, resulting in a widened gap with the Levo 4 LTD. But even using the $4,600 price gap we cited earlier leaves that special paint job costing over $1,700.
Still. Not. Worth it.
It really seems Specialized is just trying to see how much it can get away with charging for a top-tier e-MTB before sparking a full-on industry revolt. We suppose folks who look at an extra $5,000 as little more than a rounding error might be attracted to snatch one up, even if only for whatever bragging rights that come with owning one of the most expensive ebikes ever created.
Maybe a few real, passionate e-mountain bikers will get their hands on one through the secondary market, after the types above get bored and move on to the next shiny, hideously overpriced thing. The rest of us will just have to remain content with more down-to-earth e-MTBs … or grinding pedals the old fashioned way, no e-assistance at all.
The Specialized S-Works Turbo Levo 4 LTD can be ordered now, complete with some recommended accessories for those itching to spend a few hundred or thousand above and beyond $20K.
Oil companies may have President Donald Trump cheering them on from the bully pulpit. But in the oil patch, the mood is anything but celebratory.
New data on Wednesday from the Dallas Fed Energy Survey, which polled oil and gas executives at 139 firms across Texas, northern Louisiana and southern New Mexico in mid-September, shows oil and gas activity slipped again in the third quarter of 2025, weighed down by soaring costs, policy uncertainty, and the chaos of new tariffs.
The survey’s broadest measure of business conditions, the business activity index, came in at –6.5, marking the second consecutive quarter of contraction.
The outlook was even gloomier. The company outlook index plunged to –17.6 from –6.4, while more than 44% of firms said uncertainty remains elevated. Production of both oil and natural gas ticked lower, while costs for everything from drilling to equipment leasing surged.
‘The noise and chaos is deafening‘
Executives were blunt in the anonymous comments that come out with the survey each quarter.
“The uncertainty from the administration’s policies has put a damper on all investment in the oilpatch,” one wrote. “Those who can are running for the exits.”
Another added that “the administration’s tariffs, particularly on steel and aluminum at fifty percent, are increasing our cost of business.”
For exploration and production firms, finding and development costs doubled this quarter, while lease operating expenses also jumped sharply.
Oilfield services firms reported their margins are still deeply negative, with one describing the sector as “bleeding.”
The tariffs are cutting deep: operators said higher costs for tubular steel, heavy material, and imported components are making wells uneconomic.
“Tariffs continue to increase the cost of production. We are suffering from a combination of increased cost due to tariffs and downward pricing pressure from end users,” one services executive said.
A grim investment climate
That mix of weak prices and high costs has throttled capital spending. The survey found capital expenditures are falling sharply, with the index dropping to –11.6 from –3.0.
One operator emphasized that the uncertainty from regulatory policy was putting a damper on the spending.
“Day-to-day changes to energy policy is no way for us to win as a country,” the operator said. “Investors avoid investing in energy because of the volatility … and the ‘stroke of pen’ risk that the federal government wields.”
The gloom is reflected in price expectations. Respondents now see West Texas Intermediate crude ending 2025 at just $63 a barrel, barely above where it traded during the survey period. Two years out, the consensus rises modestly to $69, and to $77 five years from now, levels many independents say are too low to justify new drilling.
The shale dream frays
A decade ago, U.S. shale was hailed as the world’s most dynamic energy engine. Now, industry insiders describe it as broken, even as Trump removes tax credits for renewables.
“The collapse of capital availability has fueled consolidation by the majors, pushing out independents and entrepreneurs who once defined the shale revolution,” one respondent said. “In their place, a handful of giants now dominate but at the cost of enormous job loss and the destruction of the innovative, risk-taking culture that made the U.S. shale industry great.”
Others warned that the sector is being whipsawed by politics from both parties.
“The sword being wielded against the renewables industry right now will likely boomerang back in 3.5 years against traditional energy,” one said, pointing to methane penalties and permitting fights that could return with a vengeance.
While Trump insists domestic drilling will fuel an American energy renaissance, the very policies his administration is pushing are raising costs, curbing investment, and leaving many operators sitting on their hands.
“The oil industry is once again going to lose valuable employees,” one executive lamented. “Drilling is going to disappear.”
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