Time a few of these "experts" were discredited and their words not leapt upon with any modicum of truth
I agree with you on this point. However, these people are being listened to, creating panic buying and driving up demand and therefore the price.
There are plenty of untapped oil reserves (e.g. the vast "heavy oil" fields in Canada and many other locations). Economic viability is key to their extraction.
When oil was less than $100 per barrel, this was not even being looked at. With the current price and trends this oil extraction becomes viable. However, only while oil remains at this inflated price. A vicious circle then forms
Extract the now commercially viable oil - supply increases - price drops - this oil now no longer economically viable to extract - supply drops - price increases etc etc etc