Oh my.
See, when the pandemic struck, demand cratered. Production fell. Prices fell. Refineries closed.
Coming out of the pandemic, demand rose sharply and quickly. You can't compare that to a stable market for oil in good economic conditions. Production doesn't ramp up overnight. There wasn't enough refinery capacity. Prices skyrocketed.
It's basic supply and demand economics. While I don't doubt regulation had an effect on oil prices, it's a drop in the bucket compared to a worldwide demand for oil booming after a economic collapse.