How 2025 Revealed Energy’s Winners, Losers, and Illusions

Yes, Father Time has turned the page, and we will again talk to the ultimate sage and seer, The Question Man to help us fathom the complications of the world. Q. Can you give us a capsule summary in numbers of what happened in 2025? A. Sure. Start with domestic energy prices: electricity prices rose by about 7%, reflecting tight grid conditions and rising demand; natural gas prices climbed sharply, with Henry Hub approaching $4 per MMBtu; and oil prices fell roughly 18–19% over the year. But let’s add two other items. The international…