Oil production (supply) is a long-cycle investment. Far different than gloves. Oil producers spend lots in capital investment in one year that won’t pay out until much later. The amount it pays back is a function of the price of oil in out years (not now) minus their price to produce it.
Although supply is long cycle, demand can change very quickly (as we have seen). When more demand comes along and the supply isn’t increasing at the same rate, prices go up.
Seriously, look at the XOP. It has gone down over the last 10 years. Drill baby drill, was awful for shareholders of oil producing companies. I don’t see them going back to it after the debt they took on in 2020. Biden isn’t the thing that is stopping them.