It's much simpler than that. North American oil is suddenly worth twice as much.
Plus it gives an excuse to allow Russia to sell some oil on legitimate markets.
> North American oil is suddenly worth twice as much
That doesn't make up for the tens to hundreds of billions of dollars of American capex at risk in the Gulf, for example Exxon's tens of billions of dollars of capex in Qatar's LNG supply chain or Chevron's monopoly as the sole upstream producer in Kuwait and the KSA.
Any potential profit they could have made from North American extraction (which itself is questionable due to the significant processing requirements for North American crude) would itself have been eaten away by losses that have already been incurred in the Gulf.
The ONG industry has very low net margins (around 4% for integrated ONG), which means any shock is catastrophic, let alone a crisis such as the current one.
