Listening to a David Graeber v Peter Thiel debate, they mentioned the end of a Texas fuel council, or something like that, in 1970. Up to that point the US always had enough fuel. Thereafter fuel became scarce. 

If you look at diamonds, they too are so abundant in nature, but men with guns intervened and in tandem with the marketers made diamonds a girls best friend at exorbitant rates.

 Not denying the value of workmanship to shape a diamond, and not denying the consequences of burning crazy amounts of (fossil) fuel but it's not a stretch to see that rare diamonds/rare oil are a heavily manipulated marketing project or scam.