News Analysis President Joe Biden recently reached out to Chinese leader Xi Jinping, asking him to join with U.S. allies in releasing oil reserves, in order to fill a shortage, bring down prices, and challenge OPEC’s influence on the global economy. So far, Xi has refused. Oil demand slumped during the lockdowns of 2020, but has returned this year. OPEC (the Organization of the Petroleum Exporting Countries), however, is not producing enough oil, causing shortages and driving up prices. Crude oil prices are up by 50 percent compared to last year. At U.S. gas stations, prices are up 60 percent year-on-year, hitting a seven-year high. And inflation is trending steadily upwards, as the prices of nearly all products and services are dependent on the price of fuel. In China, fuel shortages are causing a decrease in manufacturing, dragging down GDP growth, and sparking fears about the coming winter. The United …