Did Biden Cause Gas Prices To Soar?
One can certainly debate whether this ban was the right move , but there is no question that this decision had an impact on oil and gas prices.
The Russian oil we imported was largely finished products and partially finished products that were largely used to produce diesel in U.S. refineries. There are two high-demand seasons for diesel each year — spring planting season for farmers and fall harvesting season.So, we had a refinery disruption that impacted diesel production just before a high demand period.
Note that this isn’t just idle speculation. I had several discussions about these events with one of my former refinery managers, who explained exactly what the refiners were facing.
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