It's purely free markets doing what they do - trying to optimize for the point where profits are highest by raising prices until demand drops sufficient to level off total profits. Externalities be damned (environmental, social, economic, etc.)
And OPEC cares a lot about externalities. They know that pushing oil prices high enough will cause a recession which leads to less money for them. (They learned this in 1979). So they try to maintain a healthy but not runiously shortsighted profit.
They're price gouging. They learned their lesson from the shale boom and are colluding to keep prices high / aren't re-opening wells for fears of a sharp drop in prices. Remember when crude went negative?
Avoiding investments that you know will result in huge losses isn’t price gouging.
Second, pumping oil out of new sites is myopic, at best.
And third, any administration's policies are hardly going to move the needle on the profits oil companies are going to make. They may tell you it's Biden, but that's just convenient cover so folks stop blaming them for problems they could eminently fix.
I'd argue for "use it or lose it" laws in basically every sector. Farmland, speculative RE investment, etc. Or a sort of delapidation tax
In b4 'but property rights' they're fundamentally a privelidge granted to you by the 'polis'and protected by the polis for it's own benefit.