Being local isn’t particularly relevant because there is such a wide range of transportation efficiency and different crude oil supplies involve differing amounts of flaring etc.

All the oil currently known, is going to be extracted. Any other concept is, I think, fantasy.

Thus, local is better.

There’s a great deal of oil that can’t be extracted for less than it costs to synthesize it. A deepwater oil rig isn’t going to sit around a well producing 1 barrel of oil a month.

So being local is again basically meaningless here.

Now now, that's not relevant, and you know it. Naturally I am referring to what can be extracted economically.

Ahh, but once you accept there’s economic limits the economies of scale define those limits.

The rise of EV’s will therefore strand more oil as smaller scale processing/distribution is less efficient. Being local to you doesn’t help because oil is transported to refineries before useful products are sent to you.

The crash continues to strand more production as refineries shut down.

The future is as it is, now is now. And local means closest viable, regardless.

It would seem that preventing local production and extraction for political reasons, would be a mistake. It would also seem that preventing pipelines would be too.

This makes sense. People are trying to stop a thing, via 100 paper cuts, instead of just stopping it. Meanwhile, this results in suboptimal production, which inceeases pollution.

Oil in the ground isn’t rotting, but it is finite so the logic isn’t so obvious. Especially because new local drilling has minimal impact on wholesale prices.

If you expect future prices to spike then the wise choice is to avoid drilling until you can maximize gains.

If you expect future prices to remain unchanged then the wise choice is to avoid harming your local environment and have other countries despoil the own.

Only if you expect future prices to tank does it become a good idea to extract while the prices remain high.

Your discussion of pricing isn't necessarily wrong, although I haven't bothered to ponder your words, as it has zero to do with political bans on oil extraction.

Politics is many people agreeing to do something for different reasons.