Right, and fracking took place because world conventional production peaked in 2015, which the IEA confirmed in 2010 and King predicted correctly in 1976.
If any, fracking supports what the Club of Rome said. Otherwise, there'd be no need to resort to uncoventional production in the first place.
The same with the Ehrlich wager: they were focusing on price, not diminishing returns, which is what the mining industry has been experiencing for decades:
https://www.youtube.com/watch?v=TFyTSiCXWEE
A century ago, you could get lots of high-grade copper with no heavy equipment. Now, you need the latter to get lower amounts of copper and of lower grade. It's the same with oil: you start with an energy return of a hundred barrels for each barrel used, then after several decades it goes down to three, and then you resort to fracking.
No, it proves that the Club of Rome's basic premise is wrong. We have proved reserve than before, not less.
It's not unconventional production that we are resorting to. It's a new method of extraction that was invented.
There is a direct connection between supply and prices. Prices were used as a proxy for supply.
Then you come up with a new technology to access resources that were not previously accessible at an economical cost. Saying that we are "resorting to" this doesn't change anything.
Why are you using proven reserves? That doesn't make sense, including what's technically recoverable. What you should look for is capex vs. production rate increase.
New methods of extraction is unconventional production. The depletion rates per well are higher, which is why capex is higher. Why do you think Hubbert talked about it back in 1956 but oil industries didn't resort to it until much later. Read the BP Stats report from 2012 for details.
Direct connection? When oil prices went up, demand didn't go down. When oil prices plummeted to zero or lower during the early stage of the pandemic, demand didn't soar. And do you know who sets prices? Not the end users but the ones who speculate at the bourse and negotiate with the sellers.
For the same reason, price is not a proxy for supply. Did supply soar when price plummeted during the pandemic. Did it go up after 2005 because supply fell?
Worse, did you also look at demand per day, which is 100 Mbd? You got a field with potentially 5 billion barrels. How much supply is that for the world economy? 50 days?
Finally, what economical cost? Capex has been doubling the last two decades, and in exchange for what? A third of the previous increase in oil production? And covered by increasing debt, consisting of mostly junk bonds?