patrick.net

US oil production barely above December 2019 levels: https://ycharts.com/indicators/us_crude_oil_production

World oil production down about 5% from December 2019 levels: https://ycharts.com/indicators/world_crude_oil_production

World economy is in recessionary conditions and this has caused a drop in demand for oil, hence that is why oil prices are not going up as much

Just look at China and its stock market as well as manufacturing and exports (yes post-COVID correction)

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That graph for the Bush years is off. Bush started the inflation of Oil "Because!", it got damn near $5.00 a gallon in 2005.
If you recall Oil would spike every time the middle east rattled a sword. But then they just claimed we were at peak Oil(Where did that go?) and just raised the price due to all of the speculation. By time Obama got in office the price of Oil was already baked in.

Oil jumped to $175 a barrel under Bush, I remember the Libs on Patnet was calling it the new norrmal.