Also, why did it take oil companies this long to figure out they could collectively charge whatever they want? Why did we ever have low prices after having high prices years ago?
i.e. if fuel prices stay high for months, consumers keep filling up their cars, keep buying the same fuel-inefficient cars they always have, keep making the same number of trips
If prices stay high for years, consumers start looking for other transport options, start buying more fuel-efficient (or electric) cars, etc.
Also: when oil companies make outsize profits during normal times, you get people with pitchforks calling for heads which is bad PR; and you get certain stripes of politicians calling for price controls etc.
Previously they had to care about the next 40 years worth of profits, now they know there's a cliff edge coming, which brings new strategies to the fore.