We are midway through the fourth quarter of 2023, with the Biden administration continuing its quest to eliminate U.S. development of fossil-fuel resources. 

Pipe, valves and fittings (PVF) hold great importance in the chemical processing industry.

October marks the beginning of the fourth quarter, with oil pricing for WTI at $87.64/barrel and Brent at $90.69/barrel as of this writing.

The energy industry ends the first half of 2023 with a pullback in oil prices below $80/barrel, refueled by recession fears as credit conditions in the United States and many other economies tighten, and uncertainty over the pace of demand recovery in China.

As 2023 unfolds, the overall housing market is languishing at near lows. Home sales will be even lower this year than in 2022, with no improvement in sight. 

Midway through 2023’s second quarter, the Federal Reserve’s Jerome Powell is set to raise the prime interest rate another 25 to 50 basis points in his relentless pursuit of throttling the rate of inflation.

The impact of the Powell initiatives on the PVF industry will begin to be felt as we see the second quarter unfold.

As I reflect on the past year and enjoy the promise of a new year, I am particularly proud of the impact our pipe, valves and fittings sector has had on America’s industry.