First, they wouldn't need to open anything new. They could reopen existing wells.

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.

Even just "turning on" existing wells has large up front costs and takes time to have a positive ROI. Between the threat of OPEC turning on the tap and the threat of administration adopting some policy that dings a percent out of the existing margin the risk is too great for north American operators to pull out the stops and go all in.

It's basically one sector holding the entire rest of the economy hostage for more record breaking profit.

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.

It’s hardly myopic. We can’t get to a green future without a healthy energy mix today to get us there.