Look, we all know demand for oil was down during covid. Can we all just get past that now and agree that was an anomaly? Do we always have to note that demand was lower during peak covid? Good grief already.
Oil & gas prices were much lower in 18-19 and post covid until 1/21. Then they began to rise, now they’re in hyperinflation.
Supply of oil and gas is NOT lower. Its all still there in the ground. Policies, regulations and restrictions (and yes, demand) affect the desire and amount of fossil fuels that will be extracted. If fossil fuel companies feel like there’s policy instability or increases in regulations, or more restrictions (and there is without question), then LESS will be extracted.
So there is less supply, but that is a by product of new policies, regulations and restrictions.