Higher prices -> more drilling and new tech developed, new kind of resources exploited-> higher production

I wonder why it works for gas but not for oil?

Why Is Natural Gas Production Increasing Now?

Improved technology, developed over many years, now allows economic production of resources in deep water and large "unconventional" resources, which are difficult to produce. High and increasing natural gas prices have spurred more natural gas drilling and the trend to move from drilling simpler vertical wells to horizontal wells.

This means decline rates newly drilled individual wells can reach 25-50 % per year.

No matter. Those high gas prices (= marginal price producer for electricity) means $$$ for my Exelon shares. ;)

Peak oil is not an energy crisis. It is a liquid fuel crisis.