[makomk]

There are some other obvious reasons for that unwillingness to increase supply that I think you're missing. Any substantial increase in supply would require investing money in new infrastructure, since it's currently at close to capacity. For the last few years environmental activists have campaigned against any investment in fossil fuel production with some success and this makes it a lot harder to get funding. Also, you may recall that there were a bunch of articles claiming fossil fuel assets would become stranded and literally worthless due to the global push for net zero, and how fossil fuel companies were basically scamming investors by ignoring this risk. The companies are acutely aware of this risk and have been quite cautious about expanding capacity as a result.