Perhaps most significant in this mélange of trouble is the worldwide energy shortage. The post-pandemic demand surge would have strained production potentials in the best of circumstances, but policy actions have made matters worse. Biden began his term by shutting down the Keystone Pipeline and doing what he could to stop the fracking revolution. His actions have contributed to a 14 percent drop in North American fossil-fuel production from pre-pandemic highs.

The absence of this production has returned monopoly-like power to OPEC and Russia, both of which have every incentive to keep the price of oil high by constraining how much they pump. And both do better by getting more per barrel than from selling more barrels.

Green initiatives to replace fossil fuels with wind, solar and hydro power, which started well before the pandemic, have also contributed. Now, amid a surge in demand and huge portions of North American production taken offline, it has become difficult if not impossible to restart the closed operations.