Some notes on oil
It is oil industry policy to hold records showing them where to find 10 years *more* oil at some level of consumption. They either used outsourced geophysics survey companies to do the work in the first place or laid off them staff when the job was done.
It's the company oil reserve. they *expect* to find more in the meantime, if they have to.
Whenever you see some reporter spout on about "xxx only has oil for 10 more years. Shock! Horror!" remember this.
Oil companies are some of the *biggest* customers for processor arrays on the planet. Back in the day IBM SP2 arrays were top dog. If they have the biggest, they want 2. If there's a new model in the works, they want one of those on pre-order.
When they get it they re-run the seismic surveys they collected over the years *again* looking to get more detail or apply new algorithms (Not simple as you're trying to reconstruct a 3d object based on multiple scattered sound waves scattered in unknown ways). This still works out cheaper than actually *doing* a new survey out in the North Sea (or lately the South Atlantic).
Curiously despite all of the hardware generations that have passed Israel still seems to be one of the few bits of the Middle East with *no* oil under it. /were this ever to change it would (quite literally) send an earthquake through OPEC.
Also note that the bulk of the product prices are made up of the *oil* price itself and the local taxes. Processing costs are pretty minimal. However profit is a % of the oil price because if you need oil, or it's products, you're stuck with whatever the price happens to be. This is basically cost plus, which *might* explain why the oil business is as big as the arms business.
I looked up the "oil shock" of 1973 which seemed to put the global economy in the toiled for a decade. The price was a 300% rise. From $3 to $12/barrel. When I was finding out what oil company computer hardware was companies were firing staff because their *whole* budget was predicated on a price of $15/barrel. BTW an oil barrel is roughly 40USgals, not a modern 55gal.
Bottom line. Don't believe the hype.