Anytime there's a shortage of anything, the price goes up. Look at the profit Exxon made. So much that they went before some government panel to explain how they made so much money. I truly believe we have plenty of oil, the people who have money just want more money.
I'm sure it's true, remember in the 70's when we were suppose to have a gas shortage and could only buy gas odd or even days? Well my brother was hauling gas tankers out of Tex. and they were instructed to take truck loads of fuel out into the desert and dump it at night.(needless to say those drivers never had a gas problem)