The laws of economics show no favorites and no allegiances. In a free market, the law of “supply and demand” favors that which is most advantageous for the aggregated market. Cheap oil is bad for drillers, but good for everyone else. Henry Ford put buggy whip manufactures out of business, but the advantage to the market was undeniable. If there continues to be less exploration, scarcity will result in higher fuel prices to consumers which will in turn lead to economic profits for exploration etc. If one is invested in a drilling company, it is time to adapt to the market, it is never a good idea to try to force the market to adapt to a particular business or business model.
But here’s the question: how much oil is left in the Persian Gulf region? And don’t forget about the potential for political instability in that region, which will cause supply disruptions.