I mean we are both loaded up on oil stonks for a reason and that is because these companies are not investing in cap x they are doing stock buybacks and dividends and keeping supply low.
i'm investing on the back of seven years of low oil prices, losses and depressed profits have which i believe have resulted in cyclical underinvestment in e&p that will take years to resolve. not on the thesis that the world's non-state owned oil companies can collude to influence pricing on the back of the 20% of the world's output that they control.
I don't disagree with any of that. OPEC is a cartel that is restricting supply too, but every single oil exec is saying "we are not spending on cap ex, we are not rushing back out there, we are focused on shareholder returns etc.
A lot of companies have breakevens at $40-$50 below current crude prices. I don't think Bernie had some perfect tweet, but oil companies are not going to go in to drill baby drill mode and fix the supply issues (they can't completely fix it anyways) for a number of reasons, one of which is the incredible profits.