Enverus reported that the average cost of producing a barrel in the United States is $70. According to a Dallas Federal Reserve survey, many producers need oil prices above $65 per barrel to make a profit. Due to the lower oil prices and largest consolidation in a century, the U.S. Oil industry has laid off thousands of employees and cut billions of dollars in spending. A plateau or decline in production would weaken the United States' influence on global markets, and could challenge President Donald Trump's agenda of energy dominance for the United States. In the next 10 years, the contribution of North America to global oil demand growth will fall below 50%.