I spent some time with a business school friend who works at Boeing in a role that keeps him in step with the energy sector. He is a small-government conservative who reluctantly voted for Trump twice. I was fully expecting him to rail on Biden over gas prices, but he didn't. He believes Biden's policies are going to hurt us in the future. He places the current situation mostly on Trump.
I was not aware of this, but in April 2020, when oil was nearing $0 (and he was telling us COVID would go away in a few weeks), Trump pushed OPEC nations to significantly reduce oil production for two years. At the time, this was seen as a sound move to save the American oil industry. Of course, we can see how it affects the American consumer.
In 2021, Biden pushed OPEC to increase production and reduce demand (and costs), but they are still in the agreement and would only do it partially. Sources below, flame away.
The deal resolves a costly battle between Saudi Arabia and Russia that sank prices, delivering a win for the U.S. oil industry.
www.wsj.com
OPEC and allies have agreed to increase oil production starting from August 2021 with plans to end production cuts by end of September 2022.
www.offshore-energy.biz