Actually, Thomas Sowell does a very cogent job of explaining this as he always does.
When the cost of finding oil gets above a level where the people looking for it cannot cost effectively find and extract it, the supply of oil will drop, and the cost of oil to the consumer goes up.
When the cost of oil goes up, it can become profitable again for the people to look for it again, and they will do so. Supplies of oil will then increase, and supply will increase, and prices will drop.
And on it goes. A self sustaining engine driven by capitalist motives and forces that keeps the providers in business and the consumers with a reliable supply.
And dipstick liberals want to manually mange that process because they are SO MUCH DAMNED SMARTER THAN EVERYONE AND EVERYTHING ELSE AND CAN DO IT FAR, FAR BETTER.
Screw them.
As taught in every Economics 101 class.