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Oil Stocks Soared In 2022, But Oil Production Didn't

Oil Price · Editorial Dept · last updated

With 2022 behind us, many have reflected on what a banner year it has been for oil stocks. From pariah to market darling amid an energy crisis, major stocks like Exxon (+71.42%) and Chevron (+49.45%) have seen major gains. WTI, however, closed out the year at just $4 above (+5.

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Related Knowledge Center: ENERGY BASICS: petroleum

State of Play

While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.

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