It will need 10s - 100s of billions of investment. By the time they start producing, demand would have been permanently destroyed, thanks to China supplying the world with EVs and solar panels. With sufficient demand destruction, oil should be priced like salt, a simple commodity that nobody ever cares about the price.

Oil companies are not super keen on investing and increasing supply, it will destroy profits.

Turning Oil Into Salt: Energy Independence Through Fuel Choice: https://www.goodreads.com/en/book/show/6963043-turning-oil-i...