The US has the highest lift costs in the world. Why do you assume they have no production restrictions? Some of them are far more clean when it comes to production emissions than the US.Again, the Biden regime passed restrictive policies on US fossil fuel exploration and and production without a viable energy alternative. The Market sees this action being taken on the largest consumer of fossil fuel in the Market. If you are a foreign entity be it a company or nation state producing oil without the restrictive policies, are your prices going to go up or down? HINT: Demand has spiked and supply and infrastructure declined.
Market is an economic term. Let’s see how much you understand it.