And to be honest the price of West Texas Intermediate is established by the Chicago Mercantile Exchange. Its actually the traders that establish the price. They make bets it will go up or down and if you make bets that it is going to go down while the price is going up, you'll lose money and vice versa. It's called futures trading. IT IS NOT THE OIL COMPANIES THAT DECIDE WHAT THE PRICE OF OIL IS.
They can, however, decide whether they will decide to invest billions of dollars to increase production. So far there are about 740 drilling rigs running in the USA with enough invested to pretty much replace all that is produced with a small increase towards 12 million bbl/day. The USA consumes 20 million bbls per day and the rest is made up by imports, mostly from Canada and some from else where, including a small amount from Russia in the past. The complicated part of the Russian imports was that is was only partly crude oil and was mostly partially refined product that US refineries liked to use as feedstock.
.