Quote:
Originally Posted by MartinSE
Rising oil prices before the Ukraine war - why did they?
https://www.forbes.com/how-much-of-the-gasoline-price-surge-is-president-bidens-fault
Following the production collapse of 2020, the U.S. has been playing catch up as demand recovered. Rising oil prices — in response to insufficient supplies — are the predominant reason for the surge in gasoline prices.
In the last three months of the Trump Administration, oil prices rose by 32% as demand bounced back. From a monthly average of $39.40/bbl in October 2020 (source), the price of West Texas Intermediate (WTI) averaged $52.00/bbl in January 2021 — Trump’s last month in office.
In the first three months of the Biden Administration, the average monthly price of WTI rose by another 19% to $61.72/bbl. In the three months after that, prices rose another 17% to $72.49/bbl. Prices then bounced between $70/bbl and $80/bbl until January 2022. More on that below.
Many people attributed the entire price rise to President Biden, but in reality it began before Biden took office. Further, it was neither primarily President Trump nor President Biden’s fault — and these price surges were taking place all over the world. |
The article completely ignores what happened in November of 2020 that just might have had a tiny impact on the future markets in November thru January...
Oh, and just in case you missed it...
