“There’ll be so many producers rushing to get in that the price will naturally decline again.”
They can’t. Biden is right. Oil isn’t a spigot you can just turn on. Years of Green BS has lowered investment in future production. Also, Biden has closed 30% of the available production areas in the USA.
There is no way to “rush in” and produce.
You are correct. Guys in OK that have wells are saying that they shut off some of those wells and they lose pressure. So they cant.
Yet, the word is that the government is about to try and force them to shut them down.
See last weeks news about the government to further regulate the gas and oil industry.