Energy extraction is a very capital-intensive industry. Nobody is going to invest the money to open up those drilling operations unless they have confidence that the prices will remain high for a long period of time.
With Obama/Biden at the helm at least until 2024 that’s a long enough time to get that back on line
This statement assumes there’s no idle capacity in the oil industry right now. Dollar to a donut that if Dufus rescinded the EO he passed two hours after taking office on killing the Keystone Pipeline and eased the restrictions on oil leases, the spot price of oil would drop like a stone.