More the effect of war and other international politics than the industry itself.
I have a difficult time buying what you just said.
To begin with, it is becoming more and more difficult to find and drill for Oil as each year goes by. The supply is also being depleted.
Of course, the technology has provided us with methods to keep on exploring and drilling, but the costs have gone up accordingly.
Of course prices fluctuate based on immediate situations, but the overall trend over the last two decades has been a steady increase in value per barrel. That trend will not change.