It's not that simple. Production costs have gone up for everyone, inflation is going to get worse so the simple logic of "higher prices, higher profits" doesn't really work in this case.

There will be a short term long term thing with this. I agree with you that ultimately everyone loses long term. Short term the higher prices will result in higher profits which will enrich whoever owns the oil.

We aren't at the end of the inflation, though, that's going to hit. This is only the beginning. Next year will be when things really go south. At this point it's not a question of if, but rather how bad.