That really isn't true: supply is very important, which is why OPEC tries to restrict it and things fall apart when Russia pumps too much or a Saudi Sheik decides to buy a new private jumbo jet. Also, the cost of production in the Americas is high enough that it isn't even profitable to bother unless oil is over $100/barrel.

My guess is that things won't change as much as diesel fuel becomes more niche in terms of distribution, but the pressure will be against future price rises, especially if that hastens the move to EVs. The Saudis have to sell their oil before there is no demand for it.