Isn't it already more expensive to extract oil than it was, say, 30 years ago? Obviously this is not a perfect proxy, but I remember in the late 90s, gas at th

Isn't it already more expensive to extract oil than it was, say, 30 years ago? Obviously this is not a perfect proxy, but I remember in the late 90s, gas at this specific gas station near my high school was 92¢/gal. Inflation should bring that up to under $2/gal today, but the average gas price in the US is considerably higher. (I guess back then the US wasn't exporting oil as we are now, which could account for the difference.)