Energy stocks get oil price support as recession looms

By DAMIAN J. TROISE
AP Business Writer

NEW YORK (AP) — 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 so far 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 in stark contrast to the benchmark index’s 20% slide. Energy stocks’ sharp gains were kicked off earlier this year after Russia invasion of Ukraine raised concerns about the oil supply while inflation was already squeezing global economies.