You should recognize that high prices are the cure for high prices in the oil business.
While OPEC did not increase their supply, the higher prices of the past few years created the opportunity for the US to produce more from our more expensive shale fields. That increase in supply eventually helped drive the market price down, while putting more jobs in the US. And as this article shows, it wasn’t just oil industry jobs, but real manufacturing of products in the US.
I get your point.
“You should recognize that high prices are the cure for high prices in the oil business.”
It’s hard to even guess at how much more efficient cars along AND all of the industries that supply the parts and assemble them are than say, 35 years ago. Those efficiencies were spurred on by...high energy prices.