Oil prices now are due to both inflation and other factors.
The demand for oil is ever growing. more countries will need more oil as they become industrialized.
Population is still growing, although i think it has started to level off. (as an aside, it should be noted that fossil fuels are the only reason we were able to exceed way more than a billion world population. When it runs out, will this be sustainable? this graph [x
] looks like a rockets trajectory, except i fear its landing will be like a parachute inflated when it begins to fall.)
More uses for oil
speculation and other fake/artificial (BS like speculation and silly "trying to make a quick profit by aggressively managing portfolios".) market interference. I am a big supporter of making things more simple, as complex systems almost never work out for long.
War. The military uses a "shitload" of oil. It also makes you less friendly with other countries, and in turn tariffs and such will go up against you.
just a small list, although there are likely a lot of other reasons.