Check you conformation bias and do a little research. Most of the oil in the US sits on private land so the moratorium on federal leases didn't affect most of the available leases. Biden's moratorium was challenged in court and If you go look at the data on the department of energy you will see that there were more leases on federal land during Biden's first year than there were during Trumps last year.
Know why? Because during his campaign, Biden threatened to shut down federl drilling (on and offshore) which constitutes 25-30% of ALL oil produced here. So, when Biden won in November you saw a MASSIVE surge of leases applied for in December. Like 10 times more than normal. Why? Because POTUS said he was shutting down drilling. But if you had that lease before he took office, you were grandfathered in. This is why you saw a surge in Biden's first year. Please tell me you understand this.
So what isn't oil production rebounding after to COVID demand destruction?
You have to go back to 2010. Technology developed lead to a shale boom and sometime in 2013-2014 the US becomes the largest crude oil producer in the world. This is also a time when OPEC cant keep its members in line and everyone is producing more than their agreed upon quotas. Oil prices start to fall and no one wants to cut off the taps because they don't want to lose market share. In Later 2014 to early 2016 the Saudis flood the market in an attempt to drive the shale oil producers out of business because the Saudis know that shale oil is financed on a mountain of debt. But it doesn't work. Lots of projects are profitable around $35 per barrel.
This part is correct.
Things change in 2017. The Saudis get together with Russia to form OPEC+ and start to reign in production. The OPEC Major General starts having regular meetings in Houston with execs from private oil producers so they can "understand" the financing of shale oil projects. In 2019 your start to see wall street punish the stock of energy companies who were spending on infrastructure, exploration, and drilling which lead to a decrease in stock prices. The flip side was true for companies who were using profits on dividends and buybacks. So the stages were set during the latter part of the Trump administration for our current situation.
This is partly correct. Forces inside the DC loop were already beginning to lean on banks that loaned to oil companies. Trump knew that energy independence and cheap energy were the keys to a thriving economy. But Trump couldn't control thr ass hats in the room.
Here is an article about the last meeting between OPEC+ and Shale Producers. Its a pretty easy read
Officials from the Organization of the Petroleum Exporting Countries (OPEC) met U.S. shale oil company executives on the sidelines of the CERAWeek conference in Houston on Monday as energy prices soared over supply concerns.
www.reuters.com