There was a post earlier this week discussing oil being constantly produced in the earth.
Made me think of exodus 17:6. ‘and thou shalt smite the rock, and there shall come water out of it, that the people may drink.
Didn’t see anyone mention it yet
At this point in time I'd say your take is pretty spot on.
I worked in the oil industry for forty plus years. I have seen wells and oil and gas formations depleted. Going back into those reservoirs that have lost pressure with new well bores can give some temporary production from being in an area of the rock that has not been completely drained, but very rarely do those new wells produce at the volumes of the originals, and they also do not last as long as the originals. Most of the time the new drills are as big a dud as the old wells because the old wells have already drained the liquids and the pressure cap off that reservoir.
The new technology of directional drilling coupled with new fracking technology has opened up many reservoirs that were not profittable in the past due to the density of the rock in the formation not allowing the free flow of oil, gas, and water. This fact is the reason the environmentalists (another cabal 'ism') were on the attack against fracking.