re: Offshore oil is booming and the shipping market is at an all-time high

I think in several cases of oil & gas industry downturns, a recession was a big cause.

Reagan was elected right when a significant recession was taking hold, which stifled fossil fuel demand in the United States. Another hard recession in 2008 started stifling industry demand into 2009. COVID shutdowns in Spring 2020 certainly devastated demand in the United States.

I'd say Barack Obama and Joe Biden have seen booms, as did Donald Trump (then-record production levels in 2019 and very early 2020) both due to each taken over at a time when industry was coming out of a recession for its sector and ramping back up. Their was a downturn for the U.S. O&G industry at home in 2015 due to the Saudis and others flooding the market to try to kill the U.S. shale boom.

Those three Presidents from a production level perspective have also benefited (as has the U.S. industry) from legislation passed during the Obama Administration that allowed for the exporting of unrefined crude oil.