That aligns with my theory that since all the easily extracted oil has been exploited, the oil industry is saddled with a price floor, and once alternatives beat that, the oil industry will rapidly collapse as supply is more expensive than alternatives, and oil won't have any way to profitably compete.
If you look at the energy return on investment over time, it's something like 125:1 in 1920. Dropped into 25:1 in 1970. Now at less than 15:1 maybe lower.
That aligns with my theory that since all the easily extracted oil has been exploited, the oil industry is saddled with a price floor, and once alternatives beat that, the oil industry will rapidly collapse as supply is more expensive than alternatives, and oil won't have any way to profitably compete.