u/ATAT121212

My understanding of oil prices is that they are primarily dictated by global markets and that the US President has relatively little direct control over them. Is this generally true?

Furthermore, is the current situation an exception because of the direct impact of foreign policy on the Iranian conflict and the restricted trade routes in the Strait of Hormuz? If so, is the criticism of the Biden administration perhaps too harsh, given that high prices during that term could be attributed to the post-pandemic recovery and the Russia-Ukraine war?

I am curious because we often see finger pointing throughout each presidency and sometimes it doesn't add up.