Oil prices end 2022 at $80 a barrel
PITTSBURGH (KDKA) - Despite a volatile year for crude oil prices, they ended the year similarly to how they began at around $80 a barrel.
The last time prices were as high as they reached this year was in 2014. U.S. production increased by about 400,000 barrels per day this year, and OPEC's management of oil production helped to stabilize prices by the end of the year.
Although it's almost impossible to predict oil prices, the president of Cargile Investment Management, Mickey Cargile, has his own theory about what could happen in 2023.
"I think you're going to see prices move higher. OPEC has done an excellent job of managing inventories and keeping the price stable, but I also think the domestic producers have done a wonderful job at managing their capital expenditures to control the amount of oil they're producing so that we don't have these unstable prices," Cargile said.
Cargile said there is a high chance we are starting the year at a low for oil and gas prices.