The people who buy and sell oil on the world market do not think about today. They think about the future. In the week before the 2020 election, the national average gas price was under $2.00 per gallon. They thought Trump was going to be re-elected. As soon as the election results were announced (stolen), the price started going up. On his first day in office, Biden signed a stack of executive orders, some of which were designed to slow the production of oil and natural gas. Prices have been going up ever since.