How does scarcity problem affect the price affect the price of oil?

how does scarcity problem affect the price of oil?How does scarcity problem affect the price affect the price of oil?
As economies in the former third world industrialize, they demand larger quantities of raw materials, like oil, for production. This new demand puts a strain on supply, which leads to higher prices as most oil exporting nations are already producing near capacity. Moreover, oil requires refining to have any productive use, and refineries can take years to build. Ultimately, conditions of scarcity cap the potential growth of the global economy until we learn how to run industry on some alternative energy source.