As Nassim Taleb puts it, you often get gluts that aren’t followed by shortages, but it’s very rare to get a shortage that’s not followed by a glut.

(from the article)

I think this is also politically contingent upon the general world grand suppression of demand going on because nobody in a central bank really takes the employment mandates they often have seriously whereas they all take the inflation suppression thing really seriously (quite rational - look at what happened to Turkey)