Russia production of oil has not decreased since they invaded the Ukraine. It is sold on the world market. The decrease in production is Saudi and the USA. We peaked in 2020 with about 13 million barrels a day. Today it is just a bit over 10 million barrels a day. Decreased USA oil production and decreased Saudi production is what is driving the price up.
The price of oil is also influenced by the futures market. This market foresees bad times for USA oil production due to the policies of the Biden administration thus driving up the current price. This is on Biden.
Biden has been facilitating Iran’s power and nuclear program for reasons I do not understand. This pissed of the Saudis and as a result they will not increase production. Biden has insulted and castigated the Saudi ruler every chance he gets. This pissed him off and again no increased oil production.
We have limited refinery capacity due to arduous regulations on it by the EPA. An oil company would be a fool to invest billions on new refineries to produce a product that Biden says he will eliminate.
The price of oil and gasoline is a function of our dysfunctional president JOE BIDEN.
i would think the issues with iran started with all that money we had frozen for decades. one can only assume our political establishment got a huge chunk of it when it was unfrozen.
obama may have had special reasons for helping iran, his behavior in particular suggested it, but the establishment had no problem with it.