The Price of Oil

A primer on oil prices, supply and demand, and policy

A loyal reader of this column asked that I do a piece about the price of gasoline in America.  He asked why prices have gone up so much, how much of this is the fault of the Biden administration, and what can be done about high prices.  To understand why fuel is so expensive, we need a basic understanding of the oil market.  Below I will try to explain how the oil market works in its most basic form and then explain my forecasts for what will happen to the price of oil.