News Oil & Gas

Unusual events create global economic issues for 2023


            A global pandemic, a war in Europe, climate change mandates, government policies restricting oil supply, and record high energy prices have thrown a cloud over future energy supplies, which has resulted in rising inflation and the potential for a worldwide recession.

By Alex Mills

            A global pandemic, a war in Europe, climate change mandates, government policies restricting oil supply, and record high energy prices have thrown a cloud over future energy supplies, which has resulted in rising inflation and the potential for a worldwide recession.

            2022 was a year filled with news-making events. But many of the events of 2022 began in 2020 when governments around the world mandated lockdowns that deterred economic activity because of COVID-19. The decline in economic activity caused oil and natural gas industry to reduce activity. Workers were laid off, exploration and production activity was reduced, and oil prices dropped to $15 per barrel.



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