Just remember who pushed to ban fraccing, shut down pipelines, and stop drilling on BLM* land, offshore, and in ANWR. (*That's Bureau of Land Management, not that other bunch).
After the War on Coal, (even clean coal fired power plants) during the Obama administration shifted power generation to using Natural Gas, demand was up, fed by plentiful supplies from the horizontal drilling/hydraulic fracturing revolution that made previously non economic oil and gas in unconventional reservoirs into major producers. That was the driving force behind turning the US into an energy exporter, and something the Democrats and Green New Deal people have been waging war against for decades.
Because the Federal Government owns over half of the land west of the Mississippi, some of that oil drilling takes place on Federal Land, and because the Federal Government has claimed the ocean bottom and the resources on under and above it, inevitably a lot of that drilling takes place on Federal Land or on Federally owned tracts offshore. Those leases (the lease for the rights to drill and produce oil and or natural gas) are auctioned off by the government, for which the government gets paid by the oil companies. and part of that lease agreement is that the Federal Government gets paid a royalty on any oil or gas produced, just as private mineral rights owners get paid (and the various government entities get a cut of that, too).
So I am curious, what are these subsidies of which you speak?
And unfortunately, people get all muddled up discussing "Gas" prices.
Natural Gas is mostly Methane, the stuff that lights stoves, fuels furnaces, and has replaced Coal as the fuel that fires electrical generation plants because it burns more cleanly (so the government declared carbon dioxide a pollutant). It is usually a byproduct of oil production, although there are wells which have been drilled in areas which target Natural Gas production, where thermal maturity in the reservoir is high enough that Natural Gas is the dominant fluid, or in areas more conducive to producing Natural Gas for other reasons. An awful lot of people rely on Natural Gas as their primary home heating fuel, and that is especially common in the Northern Plains, where winters are often worse than parts of Alaska.
Gasoline (the other "Gas") is a motor fuel, refined from crude oil, and the price of it is up, too.
Despite a few folks using an unusually large amount of fuel delivering everything from soup to nuts to others during COVID last year, people working from home, not going out, and generally living like hermits behind masks reduced the demand for motor fuels considerably, not just in the US but worldwide. Demand for oil and distilled/refined products dropped, so severely that oil prices went negative over contracts maturing and there being no place for the oil to go. Trump stopped the unprecedented price slide (where if you had room to put 10,000 barrels of oil people would pay you $50/barrel to take the oil off their hands) by opening the Strategic Petroleum Reserve for storage of oil, for an in-kind fee for storage, effectively putting American oil in the SPR for free (something no other president has done).
The effect crashed oil prices, which in turn brought drilling operations nearly to a halt, which affects sectors of the economy like a huge ripple effect.
Ninety percent of the oil drilling industry shut down overnight. It's just getting going again, a year and a half later.
When an oil well goes into production, there is an initial production period which is generally fairly high, and as the oil and natural gas are produced, production declines. For some wells, that curve is a fairly steady slope, a straight line. For most horizontal wells, after the well is hydraulically fractured, the the initial production begins high and tapers off fairly rapidly during the first couple years to a more stable production level, usually about 20% of the initial production. If new wells aren't brought on line, the production capacity lost to that initial depletion period isn't replaced. That makes for a decline in overall production.
Oil companies don't set the prices for the oil produced, that is set by bid in the commodities markets. Those bids depend on the availability of crude oil, the demand for refined products, and speculation. Supply is down, demand is up (with COVID restrictions easing) as people use more oil in the refined forms of gasoline and diesel fuel. That dynamic is not back to normal, any more than everyday life is for most. But this administration has done all it can to stop normal oil and gas drilling and exploration, and you can see the effects of that and the COVID lockdowns at the gas pump, in the price of natural gas (the home heating/cooking and electrical power generation fuel, not gasoline), and in the economies of areas where the oil and gas industry is a significant driver.
Do everything in your power to create a problem, and then claim to have the solution. It's how Democrats roll.
Look for them to follow Venezuela and try to "Nationalize" the Oil and Gas industry now.
It has been a Democrat wet dream for a long time.
