Of course they do.
The meme of oil "depletion" was necessary to force the government to give the Oil Industrialist their DEPLETION ALLOWANCE indefinitely.
Indeed, the biggest problem the Oil Industrialists ever had was price fixing at a level of profit they desired.
Early on there was so much oil development, the price crashed. That's when the Big Boys squeezed out the smaller producers and consolidated and monopolized so they could set the profiteering value they desired. In order to prevent new players from entering the industry -- for example, that's when Prescott Bush sent George H.W. Bush into Texas to buy up resource/drilling rights to the land of unsuspecting property owners all over Texas; this is a step necessary for the BIG BOYS to corner the market.