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By Bruce Lantz In the topsy turvy world of the oil and gas sector, turbulence is almost a way of life. And 2023 promises to be no different, especially if fears of a mid-year global recession become a reality. In the recent Covid-filled years the industry has seen more than its share of value fluctuations, and the conflict in Ukraine added to that. In addition, ongoing concerns about climate change and the best way to deal with it — can anyone say ‘electric vehicles’? — have had some pundits suggesting the energy industry is changing and oil and gas will soon be a thing of the past. Of course, there were bright spots, as some companies registered record profits, thanks to shortages prompted by the Russia-Ukraine conflict, the global Covid pandemic, and political forces such as President Joe Biden’s anti-fossil fuels stance and Canada’s seeming abandonment of oil and gas in favour of more climate-friendly resources. But oil prices slumped for seven years from 2014-2022 as OPEC abandoned supply management to support oil prices, reaching an all-time low of US$3.50 a barrel in April 2020 but rising last May to US$101.17 — the highest in 14 years. Amid all […]
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