State of the Oil & Gas Industry

Updated on July 8, 2026

This State of the National Oil & Gas Industry report aims to provide a comprehensive analysis of transportation and logistics for the oil & gas industry, shedding light on its key drivers, trends, and emerging technologies. By examining the current landscape and forecasting future developments, we seek to equip executives, industry managers, and stakeholders with valuable insights to navigate the ever-evolving logistics landscape.

Highlights for the oil & gas report include:

• Oil markets remain unusually tight despite a sharp decline in crude prices. Brent crude fell nearly $20/barrel in June, even as global inventories continued drawing down and OECD reserves reached their lowest levels since 1990.
• U.S. oil and gas activity remains healthy, with total active rig counts up 9.2% year-over-year. The Anadarko Basin posted the strongest growth (+27.1%), while overall crude prices remain higher than year-ago levels.
• Inflation and energy costs remain key concerns, though lower fuel prices provided some relief to consumers in June.
• The labor market continues to outperform expectations, with strong job growth and stable unemployment, however, wage growth is moderating and real earnings have begun to decline.
• Manufacturing continues to recover, supporting freight demand. The ISM Manufacturing PMI increased to 54.0, marking five consecutive months of expansion, while industrial production grew 1.7% year-over-year.
• Freight markets are gradually tightening as capacity growth slows and demand remains stable. Oilfield-specialized tractor counts declined, suggesting capacity rationalization that could help strengthen transportation pricing over time.

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