Recent geopolitical and economic issues throughout the world have forced oil and gas corporations to step back and examine their companies and the amount of attention they give to each aspect of their operations, from traditional production output to how much capital they invest toward ESG initiatives. In Europe, Russia is threatening retaliation for EU-imposed sanctions that will limit the amount of energy products imported from the country, leaving many worried about energy shortages come winter and wondering how the U.S. will be affected. Inflation is also on the rise in the U.S., with the Bureau of Labor Statistics reporting the consumer price index increasing 9.1 in June-the largest price hike since 1981-leading to higher oil prices as well as higher gasoline prices.
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