The current supply and demand imbalance in global oil and natural gas markets is having a very real impact on families around the world. Today, demand is outpacing available supplies, which is increasing prices for oil and refined products like gasoline and diesel fuel.

The imbalance is largely a result of the dramatic decline of global demand during the pandemic, which led to less industry investment and refinery closures. Supply was further impacted by the Ukraine invasion as global sanctions resulted in the removal of Russian oil supplies from the market.

Rebalancing supply and demand will take time. And, investments in oil and natural gas production are large and take years to implement.

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