So you think it's magic Biden policies, superdupe?
It is absolutely Biden policies.
Oil companies don't set prices. Pretty much the only step in the process where someone gets to set the price they want is the retail gas station but they don't get to set the cost of supply, only the pump price.
Years ago, I pulled off a highway for gas where there were 4 gas stations and I didn't pay much attention to the one I chose but I realized that it didn't have a big price sign like all of the others. When I got to the pump, I realized that they were charging $1.49 when all the others were at $1.24. A full .25 per gallon rip-off. When you see that, scaled to today's oil prices (and I haven't seen it at all in recent history) then you could claim price gouging but when the cost of RBOB is $3.80 as I type, plus delivery, plus the branding additives, plus markup for the retailer, today's prices are not price gouging.
Another thing people don't realize is that the super majors, like Shell, Exxon, etc., don't get to take their own crude at cost-of-supply, probably around $45 to $50 a barrel, and ship it to their refineries. Their refineries have to buy crude at market price. So upstream (getting gas out of the ground) prices are high due to lack of investment due to risk, and then downstream (refineries and delivery to the pump) supply costs are way high.
Refinery capacity is also maxed and refinery operators, like upstream and midstream (transportation and storage between production and refineries or other customers of crude) aren't investing due to risk.
So, what's the common element? Risk. What is the risk that is preventing investment? Fear caused by Biden's day-one shutdown of the Keystone Pipeline.
Many talking heads keep talking about us getting oil from the Keystone pipeline and that would reduce oil prices but that's not true at all. The intended purpose of the Keystone pipeline was to deliver Canadian Oil to the shipping terminals in Houston. It would have reduced the cost of supply for the over all market and would have increased available supply and would have reduced the price of oil, even in the US, but not directly by delivering oil for US refineries or consumption.
But what cancelling the pipeline did was cost investors, states, oil companies, employees, etc., a grand total exceeding 20 billion dollars. So, now when an oil company thinks of investing several billion dollars in increasing refining capacity, or transportation capacity, or drilling new wells, they have to remember that Biden promised to destroy the fossil fuel industry and that he begin keeping that promise in the very first hours of his presidency. They, justifiably, fear that Biden will shut them down mid-project, costing and wasting billions of dollars.
Neither shareholders nor boards-of-directors are going to allow any significant investment in fossil fuels. Oil companies have been major investors and technology leaders in things like solar for over 40 years just in my personal experience in the oil and solar industries. The oil companies were well established in solar when I worked my first solar projects in 1982.
I doubt there are plans to invest hugely in either right now because they just don't trust Biden. He's giving all the solar breaks to China and working to kill oil. The oil industry has long been risk adverse and I don't blame them.
It will take probably a decade or more for things to recover even if Trump or DeSantis win in 2024. The oil industry, as a whole, has learned what Afghanistan, Russia, Ukraine, and virtually the entire world has learned with the election of Biden - United States Government policies, international, economic, internal, or otherwise, can change on a whim because the Congress is not doing its job but has passed off so much to the executive branch and that changes every 4 to 8 years.