ah, thx for clarifying peak oil. i couldn't agree more with your analysis. while the public oil companies (majors and mid-tiers) will continue to maintain capex discipline and limit their production, i know many of the smaller independents (~50% of all oil companies) are quick to up their spend and rapidly take advantage of the barrel price - thus leading to overproduction and generally hurting the industry as a whole. i have numerous buddies who own their own companies and are very wealthy - and they ramp up every cycle regardless of the potential long-term issues leading to price depression. their hope is to also "sexy-up their assets" with the goal to flip their acreage to the next guy for a substantial increase in per-acre price. this was one of the big problems with the shale plays in the early days - it was basically musical chairs when it came to leases and ever increasing prices.

either way, we all know oil prices never stay high for any substantial length of time. someone, somewhere will over produce.

and again, other than Biden and the left making oil and gas look unattractive, they really don't impact production or pricing in any meaningful way.

The United States is now producing more crude oil than at any time in history:
Weekly U.S. Field Production of Crude Oil (Thousand Barrels per Day) (eia.gov)

13.2 million barrels per day.
It was 10.9 the week Biden took office.
The pre-COVID all-time high was 13.1.
It was ~5 when Obama took office.

For those who care about the price of: diesel, fuel oil and gas; the issue is refinery capacity, or lack thereof. In the current political environment; investment in building a new refinery would be "challenging." California is worse, because the designer Gasoline is only produced by a few refineries.
Insert shoulder shrug emoji here