The problem is the reduction in Russian oil and gas from the world markets.
Biden has requested that all big US oil companies increase their production and he’s released a big chunk of the US oil reserves in an attempt to control the price.
Problem is Big Oil is not playing ball ( worldwide) they are not investing in the infrastructure quick enough to get the oil flowing.
It’s a world problem that is lack of investment and funding in renewable energy has now come back to haunt us. The world has to get away from its dependence on fossil fuels.
Russian oil and gas availability isn't reduced to the world market. Oil exports from Russia went up 22% in the first 5 months of 2022. Gas exports are predicted to drop 5% in total for 2022.
The rest of the world will take Russia's output as soon as they can.
The price rise is more to do with nervousness over uncertainty as the world starts to up consumption post covid.
But renewables and self sufficiency need to be pushed to avoid reliance on rogue or unacceptable regimes such as Russia or Saudi Arabia.