You are right they aren't factoring environmental costs. I think...

You are right they aren't factoring environmental costs. I think disposing of the water is the big cost, besides flooding island nations and ecological catastrophe which I don't like either.
You don't need to be an expert to know that 116 years ago the oil found in Texas was cheap and prolific.

In the intervening period an enormous amount of effort was applied and the cheapest reserves were depleted first.
We have used the cheap oil and are left with this, a technological miracle from one perspective sure.

Technology can't miraculously bring those old gushers back, there's no John Paul Getty of the tight oil era, it's more like this.