It’s a fair statement that some level of higher fuel prices will probably be here to stay for the medium term and maybe long term, as investment in upstream oil and gas has declined quite a bit from peak 2014 levels, it increased 10% last year from 2020 levels (which were very low).
Arguably there isn’t any incentive for either the private oil companies nor the state owned companies in OPEC to increase supply too quickly as they’ll want a more stable price, e.g. in comparison to the relative volatility of oil prices over the last 10-15 years.