Clency, Biden has not been informed insofar as I know about the breakthrough using WTP, and what the President is probably offering is having the United States through its network of suppliers, to make more available to you through American enterprise. The United States can be a chief producer but we are not yet set up to produce all that oil or shale gas (natural gas). The American homeland producers got stung by a large drop in the price of oil and a drop in use during the pandemic, and I do not think we can fully recover the amount of oil we were producing in early 2019.
Biden is then gambling on tow resources:
1 - Natural gas production to be ramped up here in the United States and probably exported to Europe as Liquid Propane in large quantities. I think we can do t hat if we can get production suppliers to agree to take less of a cut than they are used to, but that has to be negotiated by the White House;
2 - Gasoline is trouble. I do not think we have the amount of crude we once were producing in the Gulf of Mexico and southern California. The case may be France might have to use Saudi Arabian contractors, and France and Saudi Arabia have never liked each other at all and I do not doubt your President Macron still harbors ill will to a Saudi Prince that gets away with murder. So we have an alliance problem with France and a major supplier. Iranian oil is off limits by the decree of the EU, and while there are natural gas fields to be found in the Baltic Sea, Poland has not found enough to exploit it. I am not trying to make this hard on anyone, but frankly without WTP, supplies to Europe are insufficient even with Biden opening up suppliers to you is not enough to stop a spiral in energy prices, especially gasoline and diesel. That is where all this stands, I t hink, on the morning 26 March 2022.
Ron