Gas/oil prices are a speculative market. This means that the cost of oil and gas, and its level of production, are most directly controlled by public sentiment, rather than hard production versus consumption rates, ie supply and demand.

Not only that, but running and expanding gas/oil businesses require very large investments, that take many years to mature their returns, all with huge risk, especially regulatory risk and costs. Infrastructure and regulatory costs in the industry are massive. This is the reason we sill have oil subsidies. They aren't at all a handout to oil tycoons; they simply make up somewhat for regulations and the manufacture realities, that make oil/gas not worth it for at all for companies otherwise.

Gas prices definitely owe their credit to Biden's loud war on oil and his alignment with similar extremist Democrat party members, calling for oil's death. His immediate anti-oil posturing actions once entering office, along with extended proposed actions, ensured that there was never a public sentiment that oil wouldn't be heavily crushed by his administration.

The beginnings of the US's War on Terror came with the understanding that we needed to reduce our energy reliance on other countries, to stop funding terrorism and war. Efforts by GW Bush, Obama, and Trump have worked towards this stated goal for our country's national security. We've saw many of these gains wiped off the board quickly by Biden, but none as large and dangerously risky to our longer term national security, as his new reactionary policy of dumping our strategic national oil stockpile. Draining our stock pile to mask the direct affects of his policy market impacts and foreign diplomacy failures, to buy some midterm voters, is reckless and short sighted.

When you look at the data of standardized national gas prices and national gas demand, it is easy to dismiss the dishonest myth that today's gas prices owe all their blame on our proxy war with Russia. One can also make a reasonable argument that the national gas prices clearly plateaued after rebound in gas demand, as Trump's Covid response allowed the nation to open back up. This was followed by national gas prices immediately skyrocketing astronomically after the November election.

This immediate fear-based market reaction to Biden's incoming oil assassination administration was eventually somewhat tamed by Biden's multiple huge Covid handling failures, causing further repeated massive outbreaks, continued travel risks, lock-downs, and restrictions. These resulted in lowered gas demands, poor outlook for future gas demands, due to Covid seeming like it would never end under Biden, and thus the skyrocketing gas price was continued, but was largely hidden.