The US president has been making efforts to lower oil prices in recent weeks, so he asked Saudi Arabia to increase its production, and the US government even contacted some of its local oil producers. Biden was planning to take retaliatory action against Russia and Saudi Arabia if they did not increase oil production soon, as they have a huge demand for this fossil fuel. Oil price increases are getting a boost that some belief could culminate in a rebound in the economy. He says the world must be prepared for high oil prices that could reach three digits and therefore financially paralyze Western economies. High consumer government anxiety about high energy prices and the cost of renewables may also affect the pace of the energy transition. These market shifts are related to the outcome of last year's price drop in the global oil industry. Several experts expect the current oil price spike to fall next year, although others say the price will have to stay higher for a longer period of time to motivate any change in the behavior of governments in large countries. Pandemic closures have helped to cure governments of their addiction to oil. Governments could now better rebuild the world towards a low-carbon economy and advance the effort to halt climate change. Higher growth in consumption awaits, and demand for fuel for planes, cars, and trucks increase once the journey begins again in earnest. Oil may be entering its final years as the world moves away from fossil fuels. Oil's long-term future in a low-carbon world is slowing its investment, oil market analysts say, as oil projects are no longer needed if emissions are to be brought in line with the Paris climate goals. Splashing money on big developments now, when investors discount the long-term value of oil producers and worry about assets stranded by the energy transition.
In my opinion, the United States has a big problem as they are very dependent on other countries for oil, as they are the biggest consumers of fossil fuels, but right now they could not invest in this area they are so dependent on, as in a few years time we will be entering the energy transition, and investing in more local oil production would be a big disaster for the US government according to this article.