I work for an oil and gas company. You are absolutely dead wrong. We are not accelerating our capex spend to take advantage of the high prices because we have been told repeatedly that our industry will disappear in 5 years. Our debt is where the money is going towards. This is pretty much what 99% of companies are doing right now.
If the administration would call off their attack dogs and actually acknowledge the importance of hydrocarbons to human existence, he would get some of this debt money redirected towards capex, and prices would move into a Goldilocks band (~$75 / $4) where everyone would benefit.