The only reason oil companies share prices are up is because before they sold X million barrels of oil a year at Y price, and now they still sell X barrels at Y

The only reason oil companies share prices are up is because before they sold X million barrels of oil a year at Y price, and now they still sell X barrels at Y * 1.4 price. Oil is a free market, if you tell them they shouldn't be "greedy" and keep selling it at Y price, someone else just comes along immediately buying at Y and selling at Y * 1.4, pocketing the arbitrage and your oil is still just as expensive.