Partially Joe's fault and partially investor expectations as public companies are driven by shareholders. Cost of goods (COGS) continues to rise so big oil can't simply invest more to make less, they lose billions in that model hence why the Keystone was such a strategic initiative as it would lower their cost to procure and transport. Shareholders follow P&L and balance sheets (ie, fundamentals), big oil won't want to lose investor confidence and take a stock slide risk so not like they can just leave prices as they were if there are no cost savings in sight. It's all based on futures.
Also, tapping the reserve for 180 days (strangely timed right up until the mid-terms) is a pretty stupid idea but big oil loves it as the crude market is $9 backward dated, so they will sell up and buy it cheaper once reserves drive the price down in 6 months time. So in theory, while Joe and Kamala continue to prove they are asleep at the wheel, they are actually helping the companies they are blaming grow profits so the whole narrative around hammering big oil is false prophet.