Yeah, that's the ticket. Magic control of the world's commodity markets. All they had to do was ask. < /sarc>
It’s a DEPRESSION, world-wide in scope, and nobody will call it for what it is.
In a normal boom-or-bust cycle of the whole world of economics, the bust, which evaporates all the excess medium of exchange from the trading markets, leads to more sound fiscal thinking, and despite the promises of Keynesian economics (which call for PUMPING UP the money supply), the reduced money in circulation should lead to a more solid basis of assigning worth to each unit of currency. People have less, of course, but this is balanced by the low and falling commodity prices, and generally the new equilibrium restores the ratios between income and outgo.
Thus resetting the growth patterns back to “normal”, establishing a new era of general prosperity.
Until some runaway notion or fad again bids up prices in an artificially induced scarcity, leading to a more and more false prosperity.
Dropping of petroleum prices at the end of the Bush 43 Presidency did nothing to preserve the White House for the Republicans, or even win back anything in either the House or Senate.
Debt, both internal and international between nations, is the driving factor for this explosion of confidence, as the debt load becomes too onerous to be supported by the various separate economies, and the house of (credit) cards comes tumbling down.
More likely the regime was advised to stop interfering with energy production until after the election, and did so (kicking and screaming, of course).