Why oil prices don't rise to consistently high levels

 See: https://gailtverberg.substack.com/p/why-oil-prices-dont-rise-to-consistently

This is an interesting article that claims that economic do not apply to oil prices long term.  While Gail makes some interesting points, I disagree with her.  Supply and demand obviously have to match in the short term and that is why the price at the pump changes nearly every day.  There are oil futures, where you can bet on the price of oil longer term.  She claims that demand for oil may be suppressed because the middle class is shrinking; also, high gas taxes suppress demand.  She claims that long-term there is an imbalance - no she uses the word "fragile", and that long-term there will be a collapse.

I agree that long-term there will be a collapse (or maybe something else, like a frozen wasteland of debt, or hyperinflation), but this is all because of too much debt (which she does mention), but it has nothing to do with oil.

I don't understand what she thinks will happen.  Maybe that the supply of oil will cease, not because there is none left in the ground, but because it cannot be refined, because environmental laws require refineries to close down?  In that case, the price of gas will go up, which will be an added incentive to produce more oil (or to come up with an alternative, like solar or even thorium).

Her conclusion is: we cannot expect long-term high prices to solve our oil problem.  She thinks that the laws of economic breaks down with respect to oil supply long term.  I respectfully disagree with her.  I believe that high prices will solve the problem.