Regulation and restriction is sure not helping.
How about we just try it and see?
Maybe market forces can bring the price down.
(That is, if that’s the goal)
There is no free market in oil and hasn’t been for decades.
Something like 80 to 90% of supply is controlled by various government, not private parties. And the rest if heavily regulated and decisions about how much to produce largely out of the hands of the oil companies.
While drilling now is probably a good idea, actual oil wouldn’t start to be produced for years from any new field, partly because of excessive regulation.