It's capitalism. It hasn't become somehow more expensive to make oil, oil companies just now have the chance to bleed people dry, and so they will. While sitting on giant piles of cash that they, to quote the oil companies "have so much we don't know what to do with it".
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Mostly the latter
It's capitalism. It hasn't become somehow more expensive to make oil, oil companies just now have the chance to bleed people dry, and so they will. While sitting on giant piles of cash that they, to quote the oil companies "have so much we don't know what to do with it".