I believe the author has it right. And once economic reality hits China in the face, their demand for fuel (due to their ability to pay) will drop off. That will lower the price for all. You might have a point if energy supply and demand were static, but they are not. Neither is technology.
And like the guys says, China cannot keep under-cutting the world forever, if the dollar is allowed to fall to a point where they are not making any profit. The Chinese can subsidize for a while but not forever. Our economy has the flexibility to deal with these things, theirs does not.
The problem is OPEC sells oil in dollars, and buys most of their imported goods in euros. A weak dollar makes them angry, and they hold back supply, just as they did in the 1970’s and just as they have done the past few years. I do give the author credit for knowing the Phillips no longer works.
Why do you suppose it costs more dollars to buy that same barrel of oil? Hint: it isn’t because the barrels are getting bigger. Demand is higher, but still.