Hope and Rebirth
While visiting the “Ramses the Great” Exhibit at the de Young Museum in San Francisco, I learned that the ancient Egyptians believed in the rebirth of the soul. “Rebirth” also means that something might flourish after a decline. The end of the year often brings the opportunity to ponder about events that took place during the previous months and incites thoughts of reinvention. Will the base oils and lubricants industry experience a rebirth in 2023?
At the start of 2022, there was a sense of optimism as daily life seemed to regain a semblance of normalcy following two years of unforeseen conditions brought by the COVID-19 pandemic. But in late February, Russia launched a war against Ukraine, triggering a series of destabilizing effects, including volatility in crude oil and feedstock prices—a condition that impacted base oil values for the rest of the year.