> Trump announced his intention to fill the U.S. Strategic Petroleum Reserve “to the top” on March 13 [2020] as global oil prices went into freefall amid the coronavirus outbreak as governments issued stay-at-home orders that have obliterated fuel demand.
An emboldened Russia started a war of conquest, drastically reducing supply. Though honestly there's plenty of effects from the coal market started by China's big moves, so it can't all be places on Russia. And Russia was going to do this at some point, it's been inevitable since their 2014 invasion, and also how their prior invasions and involvements have had almost zero pushback.
The pandemic made oil drilling + refining look like a bad investment, so the industry underinvested in new oil resources. Then Putin cut the oil and gas supplies to the world in an attempt to extort Europe into standing aside and accepting his conquest of Ukraine.
In addition, there was an explicit push by the Biden admin to make drilling less profitable (less permits, increased oil royalties, increased investor reporting requirements, and a PR push). It's not politically useful anymore - even the admin can't continue this while sanctioning Putin for his war of conquest - so people pretend it did not happen.
Source: https://www.reuters.com/article/us-global-oil-usa-reserves/d...