Prices were already increasing beforehand. In 2020, due to COVID-19, gas was in no demand at all. Almost everyone was in quarantine, so no one left the house. That meant no one really needed gas nearly as much as they used to. Once demand was low, production was low as well. When quarantine lifted, people rushed to travel and go where they pleased just so they could see something other than their walls, which caused an influx in demand for gas. Production was low, demand was high. The prices became competitive and therefore increased. On the other hand, America has been trying to move away from oil because of global warming and climate change. President Biden even vowed to transition the U.S. economy away from fossil fuels, with the goal of halving emissions by 2030. Another factor would be that energy companies aren’t exactly rushing to drill.
Unfortunately, the prices don’t seem to be making a change any time soon and could possibly continue to grow.