"The oil we get now is inaccessible without a massive infrastructure, a long supply chain, and advanced technology."

That has always been true. In the 1850s when petroleum exrtraction began in Pennsylvania, they had to figure out how to refine it and move it around. They were developing the technology as they went along, but it beat the hell out of whale oil. Talk about a long supply chain! Some of those old wells from the 19th Century are still producing.

I briefly worked as a roustabout in the oil industry during the Oil Crisis in the 1970s. The laws in Texas and Louisiana were that the owner of a well only recieved as much per barrel as they recieved when it first started pumping, and the state got the rest. The price of oil went up so high that the well owners capped good pumping wells and drilled another one 2 feet away. It was stupid and wasteful, but that's the government for you. Oil is sometimes cheap, and sometimes it isn't. The people that have it or can get it manipulate the price, just like they do for everything else. It's to be expected.