 J-PAL has nothing to do with oil prices. No Fed chair has ever had anything to do with oil prices. They control money supply. They control the cost of capital. Oil is not part of that calculus. Inflation has come down substantially, and it's not because of anything the Fed did, and God knows it's not because of anything the White House did. It came down because the world reopened and production of goods and services resumed, and Milton Friedman's law was once again proven true.