I definitely mis-read that as IKEA on first glance.

There’s a “US Gov protecting fossils” joke in there somewhere but I don’t really want to kick that hornets nest.

They were limiting their own production to raise demand and keep the price high, but then realized their competitors were benefiting from selling at those higher prices… so now they’re going to raise their own production and try undercut competitors on prices. They have the capacity to out-produce their competition, so they can afford to sell for slightly less than competitors if they want to, hence the "long and shallow” price war quote.

They are against low prices, but if anyone is buying low they want to be the one selling it.