My January 2022 President’s message stated that I thought the “insanity was over”. Well, as of May 4, 2022, the pandemic insanity is over. Good riddance! Hopefully we won’t have to deal with another pandemic for another 100 years.
Today I think it is safe to say a “new insanity” is here. That new insanity is the price of oil, natural gas, and fuel. The price of oil in March 2022 was $117.25. The futures price of oil back in March 2020 was -$0. This is crazy stuff. Similar price fluctuation happened to natural gas and fuel.
Where are we headed the last half of 2022 and into the future? My crystal ball says, “no one this side of heaven knows”. Here are today’s stats:
- Brent Crude price – $110.10/BBL
- Natural Gas price – $8.53/MCF
- Gasoline Price – $3.65/Gallon
- Diesel Price – $5.43/Gallon
- Texas Rig Count – 284 (as of FEB 1, 2022)
Finally, one note to Oil and Gas companies: Better allow your employees to work from home a couple of days a week or you will start losing good employees and find it difficult to hire the top-notch people that will drive your company to success.