Refer to my post 39. The writer should avoid opening with fallacious banalities, one loses a lot of readers that way.
I think you’re arguing semantics here. Or perhaps grammar.
“its current price” is referring to oil that is being sold now. Not oil in the ground.
He’s not commenting on the (potential) price of untapped oil. He referring to what would happen to the current market price of oil if more of the untapped (but available) oil was being accessed & produced.