It will take at least 2 years of building 1000 new rigs per year, to bring the rig count back to where it was in the ‘70’s. Then, to get that oil into production will take at least another 3 to 5 years. (Some as much as 10.)
That’s right. It’s never coming back. With any luck it (the Industrial Age) will simply fade slowly and quietly into folk mythology.
We don’t need as many rigs, because we have much better technology, so we can do with a lot fewer exploratory holes in the ground.
And if we get to where we really need 2000 more drill platforms, we’ll build them, or come up with something better.
So, the lib reasons, let's not drill at all if we can't have instant gratification!
We need to mobilize as we did in the first year of World War II, offering whatever incentives it takes to get the required performance. That alone will drop the prices some, as the fear of competition tends to do. But then they'll just sell to other buyers, says the leftist rebuttal.
Let them sell to China and India at outrageous prices, until one or the other decides to stop paying and simply walk in and take over.