Wait until a new president is elected. If it is a republican that turns back the punitive regulations and taxes of the Obama administration, our economy will skyrocket and the supply of oil will lag demand, causing process to go back over $100/barrel.
I doubt that. Yes, a Republican POTUS and Congress could deregulate and cut back on punitive taxation, and that would juice the economy.OTOH there are a LOT of shale wells which have been drilled but not yet completed. Therefore the response time of shale oil/gas production would be the time to ramp up the completion of existing wells, not the time to get drilling rigs in place.
The other thing which could/should be done would be to take the export “sanctions” off of American oil/gas exporters. That would cut into the Saudi system of exporting to America cheaper than they export to Japan and others who can’t “Drill, Baby, Drill.” That would immediately bump up the price American producers can get for oil, thereby immediately incentivizing an increase in shale production. Unless the Saudis cut their price to Japan . . . which, either way, would tend to improve Japan’s economy.