Similar problems have been caused before by producers artificially limiting output, but all indications are that the world's oil production genuinely is at its limit with current infrastructure or near enough to it as makes no difference. (Partly because the push for net zero, the risk of government restrictions, and ESG campaigns that made it hard to get funding all discouraged investment.) This means that there's no easy fix in the near future. In particular, confiscating those extra profits and handing them out to people in the hope they'll be able to afford stuff again just won't work - the reason they can't afford as much is because the supply isn't there and no amount of moving money around changes that underlying cause.
Why doesn't it make sense? Did oil companies suddenly get more greedy? Did some favorable legislation get enacted?
> "Well, under the circumstances, if it’s really inflation, monetary policy has to come in. This is a very difficult period for all central banks, because energy prices will continue to remain high for years because we are trying to change from fossil fuels to renewables."
A central factor behind high US energy prices in the USA are the facts that crude oil exports were opened up in 2015 after being banned since 1975 or so, and there were several major oil refinery closures right after that, and on top of all that, there's a big natural gas export push.
In corporate media today there's an almost complete ban on discussing trade policy, cross-border capital flows, and the effect of exports and imports on domestic prices (vaguely referred to as supply chain problems at best). Regardless it should be blatantly obvious that if you reduce domestic supply while demand is rebounding post-Covid, there's going to be a price spike.
Fossil fuel corporations like Exxon and Chevron have seen about a 40% spike in share value since December 2021, and trying to blame it all on the war in Ukraine doesn't make a ton of sense. A quick fix would be a cap on exports, but our bought-and-paid-for politicians would never dream of upsetting their Wall Street masters by doing so.