[theshrike79]

The telling fact is that oil companies refuse to start new oil fields even when they have the permissions.

Opening up a new field costs mucho $$ and it takes a while to pay it back before it'll start making a profit. And it seems that their analysis shows that 25+ years in the future they're not making as much as they are today so there's no point in spending money up front.

It's easier just to sell their existing inventory at insane prices.