Since this is a "markets"site, we all know charts dont lie. Spread that daily chart of oil out, back to Election Day, and the picture becomes much more clearer. Oil was in a 36-42 dollar range for many months before Election Day. The chart clearly shows oil taking a downward leg from 42 in Oct 2020 to 35 the day before Election Day 2020. The election of Joe biden created a very profound and unmistakable V bottom, then skyrockets, almost doubling within 5 months. Biden guarenteed over and over again that he would "end the fossil fuel industry. His exact words. Since the US became the worlds largest producer of oil in Aug 2018 (thanks to Trumps pro energy policies), the US provided the worlds surplus, and has large influence over price, just like Saudi Arabia did when they were the largest producer. The oil market had to recalibrate future ecpectation of price when the US elected a new President that promised to reverse those pro energy policies. It is no coincidence that oil skyrockted upon Bidens election. Oil was trading in the high 90's before Putin invaded Ukraine. So yes, Biden is 100% at fault for high oil and gasoline prices. Charts dont lie.
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Did Oil Prices Start Rising When Biden Started His War On Fossil Fuels
Since this is a "markets"site, we all know charts dont lie. Spread that daily chart of oil out, back to Election Day, and the picture becomes much more clearer. Oil was in a 36-42 dollar range for many months before Election Day. The chart clearly shows oil taking a downward leg from 42 in Oct 2020 to 35 the day before Election Day 2020. The election of Joe biden created a very profound and unmistakable V bottom, then skyrockets, almost doubling within 5 months. Biden guarenteed over and over again that he would "end the fossil fuel industry. His exact words. Since the US became the worlds largest producer of oil in Aug 2018 (thanks to Trumps pro energy policies), the US provided the worlds surplus, and has large influence over price, just like Saudi Arabia did when they were the largest producer. The oil market had to recalibrate future ecpectation of price when the US elected a new President that promised to reverse those pro energy policies. It is no coincidence that oil skyrockted upon Bidens election. Oil was trading in the high 90's before Putin invaded Ukraine. So yes, Biden is 100% at fault for high oil and gasoline prices. Charts dont lie.