Working out new U.S. energy policies and developing new technologies took decades, and was not attributable to Trump or any single President.
The recent dramatic increase in the price of gasoline — here and internationally — is determined largely by political factors. The real cost price (production cost) of oil in the Gulf is tiny. Oil politics and special interests determine the final price paid by the consumer everywhere.
OPEC today would not dare sanction the West as it did in 1973, but Gulf Oil sheikdom money still has tremendous influence in D.C. and the City of London. The alliance of Israel and reactionary Gulf states is increasing their political / lobbying power in Washington. Saudi dictator & butcher MBS is now seeking to punish Biden and the Democrats, to prevent any change in U.S. support to the Gulf Oil Kingdoms’ policies. The U.S. sanctioning Iran and Venezuela also of course contributes to Saudi economic power.
Saudi Arabia is limiting oil production (with U.S. oil industry approval) because Biden won’t meet with Mohammed bin Salman after the murder of Jamal Khashoggi. This is a main reason for the very steep recent increases. The article below takes this argument a bit far in my opinion, at least in so far as it uniquely attributes all general inflation to the much higher wholesale oil price, but it is, I think, otherwise accurate.
https://theintercept.com/2021/11/11/inf ... n-mbs-oil/
Of course “energy security” (even via “fracking” in rural areas), and
especially with ecologically sustainable new technology, is most everywhere a strategic goal, but immediate major steps forward should also involve the U.S. ending sanctions against Iran, Venezuela, Syria.
Encouraging real “free trade” in oil and additional foreign investment (e.g. from China) in the Middle East would
drive prices way down, weakening the hand of producers and stabilizing relations between the great powers. The oil industry could then be less a contended geo-political and military issue, more of a normal part of world trade. Insofar as ecological issues are concerned, taxes on carbon would then be more achievable either imposed internationally or nationally.
Domination of Middle East oil super profits and recycling Petrodollars has aided the West and U.S.A. immensely over several generations now. Keeping the price high but reasonable was necessary to develop fracking, deep water drilling, and other oil / gas technologies and logistics for LNG that made the U.S. “energy independent” and even a world exporter.
But the U.S. should change its policy and not try to continue to use energy and energy sanctions as a geo-political weapon. The policy I outline can ensure others like Russia also play fair, and make them diversify their economies too. Finally, the Chinese are very paranoid about U.S. cutting off its imports from the Persian Gulf, and this is destabilizing our relations with them on many levels.
A lot of special interests will oppose any such re-orientation, of course.