Commodities are sold in an auctions like this, but most products in general are not. The selling company has to actively raise the price. In the case of commodities, in a free market, greed should lead to increased production. But oil is at least partially controlled by a cartel. The cartel knows that the price of gas directly influences the US election, so if they don't like the guy in office, they just limit production.

The oil company CEOs seem to want to be coddled. They feel bad that there is emphasis placed on solar and wind, so they refuse to increase production.