They haven't learned a thing from the 1970's it was so long ago they though that there were no bad consequences of free money. It was a similar situation of under investment in new oil supply back then as well, the Arab oil embargo was similar to Putin taking advantage like he did but the world used much less oil.
Raising interest rates doesn't get drillships contracted to increase oil supply and prices down. 50% cash is pretty smart, there are already opportunities cropping up but there will be a lot more on the way down.
