Concerns over a global economic slowdown amid rising borrowing costs and the Russia-Ukraine war have created immense volatility in the energy sector and significantly pulled down prices from their summer highs. Moreover, a crackdown on COVID-19 cases in China also exacerbated declining oil & gas demand.
However, a tight supply is likely to keep prices stable going forward. According to the latest forecast by the U.S. EIA, retail gas prices are expected to remain “relatively flat” in 2023. The agency projects a gallon of gas will cost approximately $3.60 in February 2023.
