A frew decades ago the supply of copper seemed to run out. This resulted in a large hike in copper prices that made the copper in AT&T's wires in the US more valueble than the stocks of the entire company. Then a bunch of people opened new copper mines that extracted copper ore that was not profitable to extract at the earlier lower price.
Then the price fell again, but to a higher level than it was before.
This is what happens with all kinds of raw materials. The price goes up, but the supply doesn't try out.
Oil has the same tendency, the oil that they have started digging now is much more expensive to get out of the ground than the 20$ a barrel they used to dig out a few years ago. (Ofcause the oil fields that were profitable at 20$ a barrel are now astronomically profitable at 130$ a barrel!)