“President Biden has sought to address the issue, saying in recent days that inflation is among his top priorities — though he’s juggling a variety of crises, including a baby formula shortage, the aftermath of the country’s latest racist mass shooting, and Russia’s war on Ukraine.

Borenstein said that while oil prices are hard to predict, oil futures markets indicate that the next year could see lower prices. In the meantime, he said, policymakers “should try to explain what is going on rather than create convenient scapegoats or push their own energy agendas.'”