The actions of the Biden administration continue to send prices skyrocketing. His mixed signals on Iran is destabilizing the Middle East and could lead the U.S. into armed conflict. 
The thrust supporting prices is due to the Texas energy crisis, production cuts, and the massive cutbacks in oil and gasoline capex spending.
The market’s starting to price in a possible energy crisis and the future impact that it’ll have on people's lives and economic growth. 
The Texas energy crisis has gone global as short-sighted energy policies and green energy failures are causing a massive loss of oil and product supply, as well as natural gas. Texas is still the heart of the global energy world and when it takes a hit, the rest of the world feels it.
With more vaccine rollouts and global demand rising, we’re seeing the market move towards a global deficit situation. While OPEC has spare capacity and plans to raise output in April, the trend of the supply curve means that we'll probably be too late to avoid a squeeze.
The power situation in Texas, as well as in 13 other states, is a major crisis. With over 5 million people without power and lives at risk, it shows the need for energy in any form.
It’s been a story of OPEC cuts balancing the market and the sense of a new oil supercycle as an investment is being shut down due to a global green energy push. Now add in the inflationary policies by the Fed and oil looks to be in a secular bull run.
Despite Biden's vision of a green planet, the rest of the world isn’t slowing oil production. Because it’s currently less friendly to invest in U.S. oil and gas, the world’s biggest polluters will likely begin to pick up oil production while the U.S. is left out.
OPEC+ projects that the oil market will be in deficit throughout 2021, peaking at 2.0 million barrels per day (bpd) in May.
They’re attacking short sellers and they’re now realizing that silver is undervalued when compared to gold and Bitcoin. It’ll only be a matter of time until they realize that oil is cheap, as well.