Good explanation. So, many people confuse terms then.
More or less.
If you tell people “peak conventional oil” arrived in about 2008, they will go crazy about how they just filled up their car and what the hell are you talking about.
Peak is no zero. Peak is the opposite of zero.
Another tidbit. Shale oil was not a miracle and not spectacular US technological superiority. That oil was known to be in North Dakota for decades. And the fracking process was known for decades.
What didn’t exist for decades was 0% interest rates. You can do all sorts of things if the loan costs you nothing, and if, btw, there is intervention to prevent lenders from foreclosing if someone manages to go bankrupt even with 0% money. So shale oil flows even at a loss.
A subtle item. Shale oil would not be called “oil” 40 years ago. It is not diesel rich. It’s viscosity is much thinner than conventional oil. It would have been called condensate 40 yrs ago and some tabulators would not have counted it.