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I don't see much classic free market demand-supply economics in this industry. Demand for oil may be driven by economic fundamentals, but supply certainly isn't. Supply is driven by geo-politics, at least over shorter-term cycles. The political motives of supply-side oil producers may not always be entirely transparent, but the motives are there non-the-less.

And prices over the past two decades or so? Are they always correlated to demand and supply data as economic theory would suggest? At the same time, what price alternative sources of energy without significant government/political intervention? (Solar, fracking, exploration licenses/pipelines etc.)

The oil sector is a prime example where there is a real economy, a political economy and global financial markets at work. Understanding how these economies interact is key to understanding how asset price/movements are linked (or disconnected) from fundamentals...in my opinion.