Well, first of all, Biden's policies are highly inflationary. Secondly, all oil is priced in USDs. So, YES, the President's policies do impact oil prices globally.
The bigger problem is the oil is the largest input cost, therefore, the price of oil impacts the prices of all goods and commodities.
Also, if you take off a significant % of potential supply, you think that supply doesn't impact demand and prices?
https://www.cnbc.com/2021/01/27/biden-suspends-oil-and-gas-drilling-in-series-of.html
Biden suspends oil and gas leasing in slew of executive actions on climate change
My point was oil prices were going to sky rocket no matter who won the Presidency.
The global economies were all shut down for the summer of 2020. Things did not start opening up really until the Fall but driving and flying were still really low and that means jet fuel and gasoline which really drives demand were not yet coming back.
By 2021 we see increases in consumption globally which started causing the huge export demand from Asia and global logsitics nightmare we are facing right now. The surge in global demand as the world opened caused all commodities to spike including crude oil, soy bean oil and palm oil. After more than a year of huge losses you trhink OPEC was going to do anything to step in front of the price surges?
The demand globally is still increasing and more people are travelling and driving and the winter really caused a spike for heating oil, especially in the south. This summer has seen gasoline demand also increase and maybe delta variant has put a damper.
INFLATION right now is 100% coming form the huge spike in logisitics costs. A container from China to the U.S. used to cost like $1500 a container and now it is closer to $10,000 a container up to $15,000 a container in some ports. East Coast of U.S. is closer to $20,000 a container. Everything imported is jumping in price significantly and causing the inflation.
Domestic trucking has spiked also because of the huge demand for transportation from all the ports and moving stuff within the country. So even if you are selling something local like meats or crops, the cost to get it to the market has gone up tremendously.
This is not red v blue and this surge was coming no matter who won the Presidency because it has nothing to do with the president or the U.S. It started last September before Biden took office (and no it was not trump's fault either).
It could actually be an intelligent conversation if people left out their political bias.
