In the news

https://www.vice.com/en_us/article/8848g5/government-agency-warns-global-oil-industry-is-on-the-brink-of-a-meltdown

The plateauing of conventional crude oil production in January 2005
was one of the triggers of events leading to the 2008 global financial
crash, according to the report. As debt built-up in the subprime
mortgage sector, the crude oil plateau drove up the underlying energy
costs for the entire economy making that debt more difficult to
repay—and eventually resulting in catastrophic defaults. The report
warns that “unresolved” dynamics in the global energy system were only
temporarily relieved due to "Quantitative Easing"—the creation of new
money by central banks. A correction is now overdue, it warns.

The report says we are not running out of oil—vast reserves exist—but
says that it is becoming uneconomical to exploit it. The plateauing of
crude oil production was “a decisive turning point for the industrial
ecosystem,” with demand shortfall being made up from liquid fuels
which are far more expensive and difficult to extract—namely,
unconventional oil sources like crude oil from deep offshore sources,
oil sands, and especially shale oil (also known as "tight oil,"
extracted by fracking).

These sources require far more elaborate and expensive methods of
extraction, refining and processing than conventional crude mined
onshore, which has driven up costs of production and operations.

Yet the shift to more expensive sources of oil to sustain the global
economy, the report finds, is not only already undermining economic
growth, but likely to become unsustainable on its own terms. In short,
we have entered a new era of expensive energy that is likely to
trigger a long-term economic contraction.