On the first day of his presidency Joe Biden issued an executive order canceling the Keystone XL pipeline. It's his 1st accomplishment and the result is obvious.
Average crude oil prices since Biden's election.
November 30, 2020 42.30
December 31, 2020 48.73
January 31, 2021 53.60
February 28, 2021 60.46
Today March 5, 2021 as I'm posting 65.96
W.r.t. above post by SA John in B's Accomplishments' thread
A month ago at $60 / barrel - gasoline was at $2.5 / gallon (regular)
Update: 16 March, 2021 = $69 + and gasoline at $2.88 / gallon
“Further price strength is very feasible,” Tamas Varga, an analyst at PVM Oil Associates Ltd., told Bloomberg. An increase to $80 later this year “has now become more than just wishful thinking"
In other words, $3 / gallon
unless of course Biden is planning to lift the sanctions on Iran
US sanctions have had an impact on Iranian oil but Iran has been using tanker to tanker transfer of oil bound fr China to get around US sanctions.
From a Jan. 21, 2021 article headlined "Indonesia Seizes Iranian Tanker For Illegal Ship-To-Ship Oil Transfer"....."Iranian vessels in several cases have reportedly transferred their crude oil cargos to other tankers in waters near Malaysia and Indonesia to cover up the source of the shipments. The shipments eventually went to China disguised as exports from Malaysia and other countries."
How many transfer of oil went undetected??? Is China to be trusted in the reporting of who they actually get oil from???
And then there is the fact that Iran is still an "OPEC Member Country" which give them a voice in the supply and by by extension the price of oil.
IMO the Biden policy will lead to the US from being a net exporter of energy to an importer of energy and that gives OPEC a greater ability to increase oil prices by reducing the supply line.