Wingnuts credit Trump for gas low prices late last year, and higher prices this year. They specifically blame Biden for stopping Keystone XL and suspending new oil leases on federal land as well as economic stimulus programs flooding the economy with cash.
Both the low and high gas prices actually illustrate how transitory covid related factors affect prices. The lockdowns in 2020 obviously drastically cut into demand when producer were ramping up supply. This led to a glut, low prices, and losses.
Producers, domestic, opec, et al, responded by cutting production. As demand increased this year, producers have reacted with caution, by gradually increasing production. They fear another variant could result in another lock down.There have also been supply chain issues, such as a shortage of hazardous materials drivers.
KXL has no effect. Even if approved, it would not be operational for two years. New leases would not help. Domestic producers aren't even working all the leases they already have.
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