Catt although Posted:

That’s a very simplified and inaccurate view of economics. If the OPEC nations decided to limit oil production to 25% of current outputs, but allowed foreign nations to bid on oil lots starting at $30 a barrel, prices would be tremendously higher than they currently are. It’s the low supply that’s driving prices high.

Why are the Buyers bidding so high on these items? Because the supply is currently very scarce.

That was the basic premise of the OP. Low Supply + High Demand + Open ended Bidding System.