No, it doesn't.  The discovery of oil is  historically inversely related to price for one thing, in complete contradiction to current economic dogma.  And you should take a close look at developments in the tar pits of Alberta, where the ramping up of production is small, slow and increasingly expensive.  Tar sand development, just like wind, solar and the rest, is built on a conventional oil and natural gas platform, and that platform is sinking, despite increasing prices.  And then of course there is the stress, or should I say kick to the head, that is coming from the accelerated destruction of infrastructure as the production of green house gases by the oil industry increases, due to the shift to the production of oil from degraded hydrocarbons (tar sands) and other energy intensive extraction and production efforts.  This destruction is no more than the consumption of embedded energy...gone gone gone.

What you are about to learn is that the 'free market' system is also built on a transitory platform: the increasing availability of higher and higher quality energy, a phenomenon that has marked the era from Adam Smith to about yesterday. The faster we increase the proportion of tar pit oil and coal, in particular, in our energy mix, the faster this platform will degrade and the faster the 'free market' system will erode.

The dogmatic fundamentalist writing for Barron's might have made an argument for the prolongation of the 'free market' system (do you think there is anything about our system that Adam Smith would recognize?)had he focused on the ability of creative people to leverage more goods and services from a given unit of energy.  But then, since creativity is so obviously dependent on socially provided goods such as education, I can see why he stuck with the core of his (and perhaps your) dogma.