Good line from it:
For geological and political reasons, they maintain some spare capacity, that is, oil-pumping capacity that can be turned on and off within six months. They consider fossil-fuel production to be a question of national security, and they regulate it as such.
The United States does not take this approach to its fossil fuels. The federal government does not claim any right to the oil or gas under private land. It has no policy tool to quickly increase or decrease drilling.