Governments are terrible producers

This just in: The corrupt and incompetent regime in Venezuela has almost destroyed it's crude oil industry, resulting in spiking oil prices.

Perhaps the most underrated reason for the surge in oil prices after 1973 was the fact that most global oil production was nationalized on or around that time. "National" companies whether they be steel mills, banks, airlines or oil companies, are terrible at producing. So the result was long term supply shortages as corrupt and incompetent apparatchiks in dozens of kleptocracies did what they do best: obstruct, steal and destroy.