Even if you ignore all the externalities, hydro-fracking is still much more expensive than traditional shallow well land drilling operations, and it requires higher oil prices to sustain them. The 8 massive oil fields in Saudi Arabia (as well as many of those in Venezuela) fall into the "easy oil" category.
It's true that technology has improved, but it's likely that with more price pressure to improve the technology, these innovations would have come sooner. In addition, fracking is more work, period. It requires more energy than traditional drilling, and while this can be incrementally improved, it's fundamentally a much more energy intensive process that can't just be "optimized away."
It's true that technology has improved, but it's likely that with more price pressure to improve the technology, these innovations would have come sooner. In addition, fracking is more work, period. It requires more energy than traditional drilling, and while this can be incrementally improved, it's fundamentally a much more energy intensive process that can't just be "optimized away."