Oil companies are not investing money in exploration because of how low prices have been recently. Last year oil companies found the least amount of new oil in over 70 years.

https://www.fool.com/investing/2018/03/25/the-oil-market-problem-no-one-is-talking-aboutyet.aspx

We haven’t even seen the beginnings of Trump’s sanctions on Iran and what that can do to oil price. Inflation is starting to rear its head as well. My money is we hit $100 oil by this time next year.