Surging oil prices charged energy stocks through 2022 and could keep supporting the sector despite a looming recession and stubbornly hot inflation squeezing consumers.
The sector’s 50% gain is a standout in the S&P 500 this year while every other sector has lost ground. Big names like Exxon Mobil are up even more, with gains of nearly 75%. It’s a stark contrast to the benchmark index’s 20% slide.