Get ready for $5-a-gallon gasoline

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Jan 20, 2021: Biden cancels Keystone Pipeline
Jan 27 2021: Biden halts new oil and gas leases
Feb 19, 2021: Biden rejoins Paris Climate Agreement
May 7, 2021: Biden takes 30% of land off limits to oil and gas
June 1, 2021: Biden halts drilling in ANWR
June 30, 2021: Democratic Congress reverses Trump natural gas regulations
Oct 7, 2021: Biden reverses Trump NEPA regulations
Oct 29, 2021: Interior begins "Social Cost of Carbon"
Nov 15, 2021 Moratorium on oil drilling in Chaco Canyon
March 1, 2022: Biden releases oil from the Strategic Petroleum Reserve
March 21, 2022: SEC proposes anti-oil rule
May 12, 2022: Biden cancels all remaining oil and natural gas lease sales
July 6, 2022: News breaks that Biden let 5 million barrels of US reserves sent overseas as gasoline prices stay high.

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Middle East tensions. Iran and others are threatening a number of retaliatory measures, possibly shutting down the Strait of Hormuz in the Persian Gulf to tankers heading out out to Europe and elsewhere. Iran's interest is retaliation against Israel and the United States after an Israeli attack on Iran's embassy in Damascus, Syria, killed two Iranian generals.

Global supply disruptions. Russian oil refineries have been hit by Ukrainian drone attacks. Houthi attacks on ships moving in and out of the Red Sea have slowed shipping generally and oil shipments in particular to Europe and Asia. In some cases, shipping companies have routed their vessels all the way around Africa.

OPEC and friends want higher prices. Members of the Organization of Petroleum Exporting Countries and the OPEC+ countries are trimming output, to push prices higher. They will probably leave production cuts in place when the cartel meets in June.

More demand for gasoline and other products. Increased demand reflects continued economic growth in the Americas and more demand in both Europe and China, says Tom Kloza, global head of energy analysis at the Oil Price Information Service.

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