The US Petroleum Reserve is governmental, not done by the oil industry. The US government buys and stores oil when prices are low to provide a buffer for volatility in the markets or for things like natural disasters. The reserve being low means that the oil companies are very close to having a market that has no alternative but to pay whatever price is asked for oil.

To your point about oil and LNG being expensive to transport - that just means oil corps can turn down production at the locations impacted, and jack up the prices for whatever is produced in the locations that aren't. Lower operating costs + higher revenues = profits.

It really is a perfect storm for massive returns for the major players. As a bonus, it's impacting the Saudi and Russian national players, which are their toughest competition since they don't need to file any quarterly reports. I agree that it can't go on forever, but the oil industry is rolling around in money like Scrooge McDuck in the meantime.