I suspect it's OPEC exploiting political failures in Europe, manipulating prices to pimp anxiety, to keep prices high. It's not the war in Europe causing some shortage. It's vapor.
Am I wrong? Seems it's still the world market we learned about in the 70s. A world market but not a FREE market 😄 It seems OPEC's common interests overcome disagreements re pushing up prices vs hoovering up cash right now, cash their respective countries desire and require.
Now Biden's inflation problem, he already had that. Let's not make it a conflation problem: Biden's as vulnerable to this world market as you are, despite his rhetorical chest thumping nonsense.
Can we invent something to make this oil closer to worthless? I know it'll never be gone, but it's a dominant energy source. There's no reason to think it'll necessarily stay that way.
We have plenty of gas and I'm pretty sure Canada has more. I wanna buy/sell oil with our friends. There's really none better than Canada. I'd pay extra for that.