Reported about 1 year ago
Harvard economist Kenneth Rogoff states that the oil and gas market is facing a prolonged recovery period due to the significant impact of the pandemic on energy prices. The market has experienced extreme fluctuations, with oil prices dropping to $14 a barrel in 2020 and then soaring to $133 a barrel in 2022, while US gas prices plummeted to $1.77 a gallon in 2020 before climbing to around $5 a gallon in 2022. Despite recent stabilization, energy prices are expected to rise in the long term due to ongoing supply-demand imbalances caused by the pandemic, with investments to address undersupply issues projected to take years. Rogoff emphasizes that the unprecedented shock is likely to continue influencing energy market volatility and global economic conditions.
Source: YAHOO