The new year begins with optimism and apprehension for the energy sector of the U.S. economy. A federal appellate court has ruled that the Biden administration must go ahead with the oil and gas Lease Sale 261 without the “11th-hour” restrictions the administration added on acreage and ship speeds.

Oil prices are torn between rising conflict-related events risking the supply side and the slowing of the global economy.

We are midway through the fourth quarter of 2023, with the Biden administration continuing its quest to eliminate U.S. development of fossil-fuel resources. 

October marks the beginning of the fourth quarter, with oil pricing for WTI at $87.64/barrel and Brent at $90.69/barrel as of this writing.

September marks the end of the third quarter, with oil prices rising as indicated last month.

Midway through the third quarter of calendar year 2023, we see oil pricing for WTI at $70.31/barrel and Brent at $75.10/barrel. 

The third quarter of the calendar year 2023 begins with the debt ceiling crisis behind us; whether good or bad remains in the eyes of the beholder. 

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.

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.