Read up a little bit on the April 2020 OPEC deal that Trump did with Mother Russia and the Saudis.
It basically demanded that the Saudi's strongly cut back on production which for Trump was motivated by two intentions....his concern that American Oil companies would get crushed as people continued to stop consuming oil like we normally do from Covid and cynically it also protected Russian oil pricing since only the Saudi's were pressured to cut back production....which they did and was a critical influence to oil and energy prices screaming higher as the world started recovering from the pandemic.
The deal was from April 2020 and expired May 2022. These dates are critical to this point.
If you look at pretty much every global and national financial pricing/inflation chart you'll see it all starts rising shortly after April 2020 but peak and start correcting in May 2022 when this OPEC deal expired and the Saudi's kicked back in with their pre pandemic production levels.
Basic point is we are such an oil dependent world that when oil prices spike from demand dwarfing supply, it obviously greatly impacts costs of living, particularly transportation of goods.
Anyway I only see this discussed with supposed Energy fanatics and have never seen it mentioned on the WC.
Here's Cuban referencing it in a semi heated discussion.