It is based on sound economics and sound science as befits the policies of a great country. There is no shortage of crude oil. There are no lines at the gasoline pumps, only higher prices. When supply equals demand, everyone who wants to buy or sell at the market price is able to do so. And if profits are large, it should attract more producers.
Lower prices tend to result.
There is a shortage of electricity in California, as evidenced by the so-called blackouts. But this is the result of price controls. They create an imbalance between supply and demand. Shortages are created, because price controls discourage investment in new power plants. It's the kind of situation that characterized markets in the Soviet Union.