The Biden administration is also backing off on drilling bans on offshore/federal lands and begun to hastily approve pipelines. They have now realised the basic economic principle that lack of supply with increasing demand causes a price surge. All the anti-oil & gas stuff that they announced with great fanfare is being quietly reversed.
It will take several months but I guess Oil prices should be sorted by 2022 elections.
(Please note that the US is fully capable of being a net Oil exporter at any time - it usually takes stupid policies to cause such a situation)