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.

March marks the end of the first quarter of calendar year 2023. The Federal Reserve anticipates another two quarter-point interest rate increases in the second quarter following the quarter-point in February: one on March 22 and one at its meeting on May 3.

It wasn’t too long ago that the negative outcry against all types of fossil-fuel energy (oil, coal and gasoline) was shunned by the world’s major nations.

By the time this column is published, we will be halfway through the first quarter of 2023, giving us an indication of how the year will unfold for the PVF industry.

A cut of 2 million oil barrels per day resulted from Russian-led allies, a move that caused already high prices to rise further. This results from Russian pressure on fellow members of the 23-member group known as OPEC.

December is the end of a turbulent year for the PVF sector of our economy: supply-chain constraints, rising costs of material, labor shortages, escalating energy costs, international conflicts and a political environment hostile to fossil-fuel energy sources.

While the Russo/Ukraine war has put Europe into an energy hassle never before seen, Russia is putting a squeeze on Europe’s NATO group due to its siding with the Ukrainians.

We are midway through the fourth quarter of the calendar year 2022. The months of November and December are not only impacted by the holidays, limiting the number of shipping days — we all will be impacted by rising fuel costs.

The PVF industry, unlike many manufacturing sectors, demands industry experience of its leaders. Much of the sector’s success is attributed to that experience. Also, rising inflation brings recession to the mind of the Federal Reserve and its chairman.