Read an article within the last week (looked and can't find it, sorry) that talked about the big impact that the ESG movement has had on the fossil fuels companies investment strategies. It has become so much harder for them to get outside financing for any expansion/renovation that most have decided to retain profits or distribute via dividends. No new refinery has been built on the US East Coast in over 70 years, and the current regulatory environment combined with the ESG funding issues make the possibility of 30 years of operations in order to generate enough revenue to justify capital expenditures doubtful.

Also saw this piece from oilprice.com which had a good explanation on non-ESG related issues: https://oilprice.com/Energy/Energy-General/High-Gasoline-And-Diesel-Prices-Are-Here-To-Stay.html