Here’s the real problem: the fracking bonanza is ending. Most of the sweet spots have already been tapped; newer wells are depleting faster and producing less while costing more; the next waves of fracking, were they to happen, would squander $500 billion, then $1 trillion, then $2 trillion… The drilling rate is already slowing, and started slowing even while oil prices were still high. Meanwhile, peak conventional (non-fracked) oil happened back in 2005-6, only a few countries haven’t peaked yet, Russia has announced that it will start reducing production in just a couple years and Saudi Arabia doesn’t have any spare capacity left.
A rather large oil shortage is coming, and it will rather specifically affect the US, which burns 20% of the world’s oil (with just 5% of the world’s population). Once fracking crashes, the US will go from having to import 2.5 million barrels per day to importing at least 10—and that oil won’t exist. Previously, the US was able to solve this problem by blowing up countries and stealing their oil: the destruction of Iraq and Libya made American oil companies whole for a while and kept the financial house of cards from collapsing.