I'm not defending Biden
The American Rescue Plan of 2021 was his doing and there is no denying that caused inflation, but Trump also spent like a mad man when COVID hit and started tanking the economy, he could not throw dollars at the problems fast enough
The rise in the inflation rate has been attributed to many factors. The US response to the COVID-19 pandemic included a series of federal initiatives, notably the CARES Act and the American Rescue Plan, which collectively authorized roughly $5 trillion in government spending. These programs contributed to strong consumer and business demand, which tightened labor markets.... causing demands for increases in wages, that caused the price of goods and services to rise, and consequently cause inflation because for a long time wages were stagnant and that contributed to a long term of low inflation ( below 2%)
Why is oil up? Because the default currency for oil transactions has historically been USD, and when inflation comes along, the USD is worth less so oil producing countriess want more of them to pay for their product. Strong dollar, low oil. Weak dollar rising oil prices.
You can also add to that speculation in futures markets, any real or perceived threat to the disruption of oil producing or transportation in the Middle East, and if other major economies are in a boom or a recession
China and India in a recession benefits us as there is now a glut of oil, and low oil prices keeps prices down
India is bouncing back, China is ehhhh hard to tell, but when we are competing against them in a good economy for the oil that OPEC and others are producing we pay more
Add to that Russian oil is heavily sanctioned so that oil is unavailable also contributes to higher costs and inflation.
