Either that or it is a bizarre coincidence. Weird, isn't it, that horrible, unstable, crude, and incompetent Trump has held inflation down for his whole term while the supposedly ultra competent Democrat return to sanity managed to get it to Carter levels in just about a year. It must be a coincidence. There is no other explanation.
Its certainly not random. High inflation doesn’t just happen in a market as competitive as ours. There has to be factors pushing prices up.
Is it Biden and his influence on crude oil, he may have some influence but certainly not as much as producers not pumping, even though we have plenty of oil in the market. Oil, IMO, was high due to uncertainty from the pandemic. You may recall lots of producers got squashed in the recession. Do you remember $0 barrels of oil? Those were real losses for producers. It will take time for the market to sort out. But I’m not sure Biden is the real reason for producers holding back. The producers in the market like the price they are getting and they don’t want to invest in bringing on new wells.