I hear oil company profits are up. When supply is tight, either price goes up, or maybe it could stay down, as with price controls, and supply runs out. Supply running out and gas lines was what happened in the 1970s.
I'd guess oil companies might be holding onto their cash (profits) versus investing more in oil drilling. Money kept on the sidelines. The future of oil drilling, in a world of climate change, is dubious.
If a way could be found to shift that money to alternative energy and public transit; that would be great.