The Federal Reserve doesn't have to tackle inflation alone. Diana Furchtgott-Roth, the former chief economist for the Department of Labor under the Trump Administration and an adjunct professor of economics at George Washington University, says that an adjustment to President Biden's current energy policy could help to alleviate the supply chain issues contributing to inflation. Oil is central to this conversation.

President Biden started his first week in office with several energy related executive orders, including suspending new oil and natural gas leases on public lands and reviewing current leases. These orders were the actualization of Biden's campaign promises, but in the wake of the Russian-Ukrainian war and the subsequent suspension of oil imports from Russia, the policy is proving to drive up energy prices and exacerbate supply chain issues, according to Furchtgott-Roth.

"Energy has been the big driver. President Biden could lower oil prices by about $10 to $20 per barrel if he went back on his previous policies that put a lot of areas off limits to drilling. If he put those areas back, then we could have an effect on the inflation rate," Furchtgott-Roth tells GlobeSt.com. "The Fed needs to work together with the administration."