allenIf you're comparing today to the 1970s, at the time, Western dependence on oil was higher and sustainable options were either very expensive (hydro and nuclear), or experimental, low-performing and very expensive (wind and solar).
Now that there are more options for countries and their consumers than to "buy the oil at whatever price", higher oil prices won't necessarily lead to more drilling long term, as a price crash when M. E. Facilities come online is predictable 1/2