@dhmeiser
It's even simpler than that (in the aggregate).
Supply and demand.
The 'demand' part of that equation is not very complicated. Post pandemic (as should have been anticipated) demand is back up. Wouldn't take a genius to see that coming.
Supply is another matter. Complicated for certain and probably worthy of its own thread. If you'd like to start one and debate the merits I am happy to meet you there.
But in simple terms, oil production is not the issue (not entirely). We have enough oil production (currently) domestically and imported.
But oil isn't Gas/Diesel. It has to be refined and transported.
What most people do not understand is that there are two types of refineries. One type set up to refine 'light/sweet, crude' and one for 'Heavy/Sour'. For many decades U.S. refineries (especially along the Gulf Coast) were/are set up to refine imported Heavy Crude.
With the onset of more domestic production and advancements in production techniques (fracking), more 'light, sweet' crude has been produced. Light/sweet crude is preferred for producing Gas, Diesel and Plastics. It is easier to refine and has better yield.
We (U.S) are not set up very well to refine this crude domestically.....so we Export it and IMPORT heavy/sour crude. But in recent years.....refineries have been trying to expand the units we have that can handle light/sweet crude. There have been NO groundbreaking greenfield refineries since the late 70's. (none over 50K BOPD).
So current refineries must be expanded or converted. There are also a number of shuttered refineries that could be brought back online BUT it costs hundreds of millions of dollars to do so. The difficulty in obtaining federal permits and the constantly rising costs associated with complying with expanding environmental regulations is an impediment to Oil Companies. They don't make decisions based on short term profits.
Biden campaigned on 'shutting down fossil fuels' and takes his marching orders from Climate Change interest groups. Someone has to sign those bills that come across his desk and he is all too happy to do so. So yeah, he is responsible too.
But we can look a little deeper into the problem and see that those who have made Climate Change their God, greenies, and liberal politicians are largely responsible for trying to make a transition away from fossil fuels TOO quickly and make the production of fossil fuels more difficult.
So IF it is more fitting to make up a new sticker "WE DID THAT" (Climate Change nuts and Liberals) then I am happy to make the switch. IF Biden weren't the feckless person that he is.....he would do what is good for America and not do what he is told by the progressives and Climate Change Zealots.