Since the start of 2021, prices for oil and gas have jumped roughly two-fold or more, as demand roars back from the shock of 2020 Covid lockdowns. As the market heats up, forecasts suggest US production will increase by about one million barrels per day this year. The war in Ukraine, which has pushed countries in the West to shun Russian energy supplies, has only sharpened their climb. Why has it become so hard for the United States of America to control Oil prices?

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