The first sentence of the post is mostly accurate. The spot price for crude oil paid at Cushing, Oklahoma (a standard U.S. measure for the price of oil) was $65.36 on March 15, the latest date government data is available. For the first week of March, it hit a low of $59.70 and a high of $66.08. (here)
But on Trump’s last full day in office crude oil’s price was $52.87 and it rose slightly to $53.26 the next day, when Biden became president at noon. Those amounts were very similar to the day Trump took office, with crude oil commanding $52.33 a barrel on Inauguration Day in 2017. (here)
The price of oil cratered during Trump’s last year in office, reaching $3.32 a barrel the week of April 24, 2020. Consumers at the time paid the lowest prices at the pump in nearly 30 years, with gas declining to a national average of $1.77 a gallon, according to the drivers’ group AAA. (here, here )
Prices collapsed in April 2020 when plummeting demand combined with a global supply glut, according to most analysts. The coronavirus pandemic led to shutdowns that kept many commuters off the roads and planes on the ground, while Saudi Arabia and Russia refused to curb their oil production. The price crash threatened the stability of U.S. oil producers. (here)
Recently, global oil prices have started falling again on rising U.S. inventories and fears demand might fall in countries that have suspended using the AstraZeneca COVID-19 vaccine. Still, the average price of a gallon of gas is $2.873 in the United States, up from $2.519 last month, according to AAA. (here, gasprices.aaa.com/ )