Biden killed Keystone XL, placed restrictions on Federal leases on shore and off.
Production was cut to keep pace with demand during COVID (not enough storage space--remember negative oil prices?), production will resume when prices warrant it.
Product prices lead crude prices, as a rule.
Crude oil is sold on bid, not the seller fixing the price.
The retailer charges based on what they think the next load of gasoline will cost, not the cost of the present one, otherwise, they'd lose money when the price goes up from the supplier.
With this bunch of jackasses running the show, expect volatility.
If they really gave a damn about economic recovery, then the Democrats wouldn't be busy since he got in office destroying private sector jobs, they would have stopped the looting and destruction in the cities they control, and they'd get their boots off the neck of small business. Instead they force employers to bid against the unemployment bonuses the Feds dole out with our money for labor, further slowing recovery.
Just about everything they have done is wrong, and they blame the oil companies.