The energy industry ends the first half of 2023 with a pullback in oil prices below $80/barrel, refueled by recession fears as credit conditions in the United States and many other economies tighten, and uncertainty over the pace of demand recovery in China.

As 2023 unfolds, the overall housing market is languishing at near lows. Home sales will be even lower this year than in 2022, with no improvement in sight. 

Midway through 2023’s second quarter, the Federal Reserve’s Jerome Powell is set to raise the prime interest rate another 25 to 50 basis points in his relentless pursuit of throttling the rate of inflation.

The impact of the Powell initiatives on the PVF industry will begin to be felt as we see the second quarter unfold.

As I reflect on the past year and enjoy the promise of a new year, I am particularly proud of the impact our pipe, valves and fittings sector has had on America’s industry.

March marks the end of the first quarter of calendar year 2023. The Federal Reserve anticipates another two quarter-point interest rate increases in the second quarter following the quarter-point in February: one on March 22 and one at its meeting on May 3.

It wasn’t too long ago that the negative outcry against all types of fossil-fuel energy (oil, coal and gasoline) was shunned by the world’s major nations.

By the time this column is published, we will be halfway through the first quarter of 2023, giving us an indication of how the year will unfold for the PVF industry.

A cut of 2 million oil barrels per day resulted from Russian-led allies, a move that caused already high prices to rise further. This results from Russian pressure on fellow members of the 23-member group known as OPEC.