OK, you tell me where these oil reserves are that they are sitting on.
Having been associated for my working lifetime in oil exploration with a major, my job was to help find new reserves.

'Good' prospects but not exploited are in the deep offshore, high Arctic, or similar, and will be expensive to develop and market. And, they are just prospects, NOT proven reserves!

The biggest oil reserves are in the hands of Saudi Aramco, not a publicly traded company, and the Saudis are carefully husbanding these reserves, which are their future as well as present source of funds for investment and development. Iraq, Iran, have moderately large reserves.

The oil companies do not set the prices, which are set by supply and demand plus the futures market. They are gaining large profits for their shareholders at this time, as are our governments through taxes, but all of the majors are scrambling for future reserves and researching alternative means of making money for their stockholders.

Major Oil company management, as I have posted elsewhere, own only 1.5% of their companies- the rest are owned by banks, investment concerns, life insurance companies, savings & loan companies, the large pension funds, retirement funds, mutual funds, etc., and individual investors like myself. Profits are invested in exploration, maintenance, salaries for hundreds or thousands of employees in the various companies, paid as dividends to the many shareholders, and paid to the governments in taxes.

If you have interest-paying savings of any kind, you are probably an indirect investor in a major oil company (and in many other companies as well)!