Inflation here? gas/grocery prices just continue to climb

UncleTrvlingJim said

We’re producing more oil than we were in January of last year and it has been rising every month since.

There hasn’t been a single regulation or policy which has effected current oil production, and we are on pace to hit record production in 2023. All policies that went into effect in January of 2021 won’t affect production for like 5-10 years.

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Crude oil production isn't the only issue effecting pump prices. Since the pandemic and the drop in demand and losses in revenue most refiners deferred refinery turnaround as a cost savings initiative. Most of these deferments are now over due and likely we could see significate reductions in refinery output as units are taken offline or work at reduced capacity until this work is done. Since these turnaround initiatives are not published or widely communicated we likely won't know they are happening. Below is an article from 2021 about it. However, from what I've heard many refiners had work scheduled for 3Q to 4Q 2021 but the Omikron variant pushed most of that into this year. And since turnaround is a very specialized work and only a few companies do it then its going to take most of 2022 for it to get it all done.

https://www.reuters.com/article/us-refineries-operations-turnarounds-idUSKBN2A42UH