What nobody ever mentions is that when supply remains static but demand increases, the prices must go up or there will be shortages. If the prices go up, of course the oil companies will make more profits. So what would the populist know-nothings have them do, raise prices and throw the money away?
They would be happiest if the oil industry operated like the airline industry — hasn’t made a nickel in profits since the Wright Flyer first took to the skies. Of course, that would stifle technical innovation, but who cares? They would be “punished.”