History Says Energy Beat Every Sector in the Last Bear Market. Here's the Catch if Another One Is Coming.

While the energy sector surged 55% during the 2022 bear market compared to the S&P 500's 19% decline, the article warns this outperformance may not repeat. The key difference is that energy was recovering from a multi-year downturn in 2022, whereas oil prices are currently at elevated levels due to Middle East geopolitical tensions. This means the sector could face significant downside if a future bear market drives oil prices lower, making it a risky defensive play despite its historical performance.