The big picture is with huge sums of business money on the line, being told gas powered vehicles will be banned on a certain date means the risk of short term investment and certainly of long term would not be wise. So , gee, look, oil producers are discouraged from investing.
Oil producers don’t want to commit to a long term project when they know the feds will pull the rug out from under them. Also, the green commies are pressuring banks to not make loans to oil producers.