The EROI of oil has dropped steadily over the years and has probably dropped below 8 now (8 units of energy produced for 1 spent): https://bylinetimes.com/2021/10/20/oil-system-collapsing-so-...

This other article has a graph that shows why 8 is critical threshold. Dropping below 8 means production rapidly starts to consume all of the energy produced. http://theoildrum.com/node/8625