2022 was another incredibly turbulent year for energy markets, and with a lot of news to break, a number of key events dominated the headlines.
Russia’s invasion of Ukraine has been a major disruptive factor for the energy markets this year.President Biden announced the largest release of oil from the Strategic Petroleum Reserve in history.Often one event will impact the energy sector in multiple ways. In 2020 it was the emergence and subsequent consequences of the COVID-19 pandemic that had a cascading impact on the year’s energy stories.
The loss of Russian imports caused a disruption in gasoline supplies, and later diesel production during a period of high diesel demand. This all led to the highest weekly average diesel and gasoline prices ever in the U.S. These soaring energy prices were also a primary factor in inflation that rose to its highest level in 40 years.To combat rising energy prices, President Biden announced the largest release of oil from the Strategic Petroleum Reserve in history. The U.S.
There was also the ongoing story of declining refining capacity in the U.S. which helped enable this year’s diesel shortages. That situation hasn’t been helped by the hostile stance the Biden Administration continues to take toward the U.S. oil and gas industry. However, despite that hostility, U.S. oil production rebounded this year, and will close the year with the second-highest production level recorded.
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