The expansion of oil production from shale thanks to new technology (which took place after 2008) makes it far easier to increase production rapidly should circumstances (i.e., price) warrant.
“The expansion of oil production from shale thanks to new technology (which took place after 2008) makes it far easier to increase production rapidly...”
Unfortunately, that is no longer the case. Shale production, once started, is very fast. But it takes years of prior investment to get a field approved, permitted and ready to drill (I’ve had mineral right on two wells for about 16 years so I follow this stuff closely). Much of that investing and preparation has been diverted to green energy and not to shale for some time (due to tax breaks and fast permitting for green energy and slow-walk for oil/gas). There is no way to quickly ramp massive production at this time. Biden had to do this because if he supported fossil fuel production, alternative energy could not compete.