Oil companies are raking in record profits through price gouging, and without getting too political, are using the Ukraine conflict and the current administration as an easy scapegoat to justify that gouging. And many are buying it hook, line and sinker. Supply has been shrinking since 2014. While the number of US rigs has increased over the last year, it still is about 1/3rd of the number online in 2014. Since 2014 the US has been trying to get OPEC to decrease output because oil prices got so low that it was threatening to bankrupt the US oil industry, and sanctions were applied to Venezuela that have reduced their oil production, leading to a global supply decrease. Oil is mostly fixed costs - the costs of exploration, drilling/rigging, and financing are spread out over the life of the well. Every oil producer knows exactly how much it costs them to bring a barrel of oil to market. When prices go too low, oil companies take rigs offline like they did in 2014 because they lose money producing it. Unfortunately when they take rigs offline, it takes six months to get them back online - thus the industry is subject to supply/demand disruptions. And, like Game said, it's global supply and demand, not US. Gas prices have hardly been subject to inflation over the last 30 years. Gas prices in Feb 2016 were less than gas prices in Feb 2005. Hell, gas prices in April 2020 were about the same as April 2004, and gas prices decreased from 2012 to 2020. Oil is predominantly purchased in futures contracts based on market prices, and the contract pricing is driven by supply, demand, and speculation, thus gas prices are driven by oil supply, demand, and speculation and demand is probably the least influential of the three - unless you have a major global event like a pandemic, it's relatively inelastic.