I can see how that could happen, but the reality is that it doesn't. The people controlling oil today are almost all the same as the ones controlling it since 1979, Saddam Hussein being the big exception I can think of.
Gulf Oil was discovered in the 1930s. The current major oil-producing regions: Russia, the United States, Saudi Arabia, and Venezuela, were all majors then.
See Daniel Yergin's The Prize, or Manfred Weissenbacher's Sources of Power.
(Which is to say: I'm agreeing with your point and extending it.)
1979? American frackers didn't exist yet. North Sea production had only become significant a few years earlier (the Brent field was discovered in '71). Petrobras was irrelevant. Venezuela had nationalized its oil industry just three years prior.
