I don't think this is true even from a theoretical economics standpoint, but it is certainly false for two reasons:

1. At a certain profit level governments of the nations oil companies are based in will seize their profits as was threatened by the US government this year (in states where the oil companies aren't already nationalised, anyway).

2. As the price of oil increases it becomes increasingly tempting for governments of oil producing states to seize assets of foreign oil companies (or nationalise internal privately held producers) as has happened this year in Venezuala and Bolivia. When oil was at $10 a barrel in 1999 this wouldn't have made sense and would have been a loss for governments doing the seizing.

This isn't lost on oil companies, and they will do anything to prevent it from happening. Since oil is the basis of our civilization, it can only be a commodity in the same sense as, say, orange juice when supply can meet demand. If that were to cease being the case, oil would change from a commodity to a strategic asset, and corporate control of oil would end.

you are the media you consume.