Actually fracking proves Peak Oil is real. When you start running out of the cheap, conventional oil, they turn to the more expensive unconventional oil.
In the Mid-East oil can be pulled out of the ground in and around the $20-30 mark conventionally.
Fracking it is closer to $46 mark. And Fracking wells deplete at an exponential rate.
The recent low oil prices (back when it sat at $40 for years) prohibited oil exploration. There have been several articles indicating as a result of lack of exploration, annual increase in demand, there will be a oil production bottle neck. Some say as early as 2020. Others say 2022 to 2030.
Time will tell.