There is no free market in oil and hasn’t been for decades.
Something like 80 to 90% of supply is controlled by various government, not private parties. And the rest if heavily regulated and decisions about how much to produce largely out of the hands of the oil companies.
While drilling now is probably a good idea, actual oil wouldn’t start to be produced for years from any new field, partly because of excessive regulation.
Even though actual oil will not flow for years unless there is an urgency placed on the orders, the speculators will drive the price down just like the price is being driven up by no drilling prospects.
Even at that, you have to start to accomplish something before you can have success. Better to start late than to not start at all.
Besides, many companies are sending their resources to other countries where there is drilling going on and it will take longer to reallocate those resources as time goes on. The longer we wait, the longer it will take to restart the process of drilling.