You would be right if big oil was a monopoly. This not the case. The US is not OPEC. You have given up on achieving energy independence and energy dominance. The US can meet all of our needs and those of our allies, a huge pie Biden is throwing in the garbage at a time when the US still needs the pie. This democrat former Obama Treasury Counselor has good points: Fmr. Obama Treasury Counselor Rattner: Without Gas Prices Falling Due to Lower Demand, Inflation Would Be about 0.5% from June (breitbart.com) However, in my view, he is disingenuous not to mention the 180 million barrels released from the US SPR at a time when US drivers have cut back on driving. Big oil has increased hiring so there is also a bit of an increased production as the treasury counselor mentioned. I can see the 3 things, reduced consumption, sell of SPR, and a bit increase in production could have brought down the gasoline index by -7.7%. I don't think China had anything to do with the drop in US gasoline inflation. Biden should be impeached for selling 5 million barrels of the US SPR to China. Russia is selling China all of the oil that the US and EU have sanctioned. China is a winner on energy. They will be meeting very soon with Saudi Arabia too. If Saudi Arabia accept the Chinese Yuan for oil payments, that'll be the beginning of the end of the dollar as the world's currency. That means higher inflation ahead too.
