OIL: The Fossil Fuel Hoax. Colonel L Fletcher Prouty.

They have done the same with other things such as diamonds. They are NOT rare and were at one time considered a nuisance waste product in the early days of coal mining before they created the "demand" for them through advertising propaganda in the early 1900's. "Diamonds are a girl's best friend" and are "forever" making them the staple for engagement and wedding rings. They convinced men after the second world War that you must spend at LEAST a months wage as the "price" of showing your love.
They simply have the full and total control over the supply controlling how "rare" they are at any given time thus controlling the price. Same thing applies to fossil fuels.