Notwithstanding some recent declines, domestic crude oil prices in the United States are about 45% higher than when President Joe Biden was inaugurated. Global crude oil prices are about 48% higher. U.S. gasoline prices are about a dollar higher per gallon. Indeed, between the inauguration and June 2022, gasoline prices more than doubled. These prices began to increase almost monotonically long before the Russian invasion of Ukraine on Feb. 24, 2022.