You didn’t read the entire statement for comprehension then. Who cares about oil spiking to, say $200 in 5 years if it will most likely be back down to $50 a few weeks later? The necessary implication of his statement was that we have to do something now because in a few years oil will be up so high it’ll be unaffordable. If it was just going to come right back down again, then there would be no need to do anything about it.
You are reading words and meaning into that are not there.
The spike wasn't weeks, it was years. It was long enough to impact investment, increase production and reach a new "normal".
That has always been the case in the oil market. It is elastic both in supply and demand but not immediately elastic.
Pipe fabrication facilities, hydrofrac pump capacitities, etc. All these along with more directly related and others invest on what they believe is coming in a few years.