I guess, a high oil price is a good thing for the oil industry, especially when producing oil domestically becomes more expensive.

But I also don't believe in some conspiracy by the American oil industry to eliminate other suppliers in order to fleece Europe.

(the article is not by Henry Farrell itself, it seems to be below his niveau)

https://shalemag.com/peak-oil-production-in-the-us/

High oil prices are good for most of the oil industry, but the oil industry is only like 3% of the US economy.

On the other hand, elevated oil prices are bad for a very large chunk of the other 97% of the US economy, who rely on buying oil and oil derived products in order to operate their industry.