[Fledermaus]

If the demand is greater than the supply, as your first paragraph describes, because the supply is constrained then how are prices artificially low? Prices rise when demand outstrips supply.

[who_would_fardels_bear]

The oligarchs running the show can’t even find decent enough editors to tell us peons believable lies.

[Alberta's Child]

That's a good question, but you have to look at this as three different segments of the supply chain.

Supply is much greater than demand for the first segment, involving the extraction of crude oil. The capacity of the North American energy sector to produce oil exceeds the "demand" for oil at the next two steps in the supply chain (pipeline transport to refinery, and refining for final consumption).

The constraints are in the last two steps of the supply chain: pipeline transportation and refining.