You can generally expect US inflation figures to track pretty closely to oil prices. Especially since most of our interstate freight is diesel trucks and nearly every market is dependent on oil in one way or another. I would expect oil to stay high for a while as the international market becomes accustomed to the loss of Russia as a producer.

OPEC is in the unique position of producing more oil at a high price. In addition, the Biden administration is not friendly to exploring new oil resources and fracking. I would expect inflation and high fuel prices to be a standard feature of life for the next 3 years unless we reduce demand drastically.