This is Oil Planet. More oil is being produced than we can use - all the time. There is not now nor never was a shortage of oil.

Oil is produced by the polymerization of natural gas under high heat and high pressure.

The apparent lack of oil is a matter of politics, and by extension it is all down to the money. Quite simply, make it in short supply and the price will go up, and through this, all sorts of controls can be made.