Gas prices are surging. Can Biden actually do something about it?

More drastic alternatives have drawbacks. The U.S. could ban crude oil exports, which now make up a huge part of the U.S. oil industry.

But Book from Clearview says banning exports could backfire. It would push U.S. oil prices lower, but that would encourage domestic oil production to go down — which in turn would reduce the global supply of crude and push prices overall even higher.

And the U.S. also imports some types of oil. Those shipments would continue, and those importers would feel the pinch of rising international prices, potentially wiping out any relief to gasoline prices.

Then there’s the idea of reviving “NOPEC” legislation, which would make it possible for the U.S. to sue the members of OPEC for collusion. The idea has been floating around Capitol Hill for years, and always gets fresh attention when oil prices surge.