The question is whether the crisis was the way "nature" found to make us use less of the oil, given that there isn't more to consume, and thus whether we'll run into new constraints as soon as growth attempts to resume. Oil prices at $70+ for the past year and a half would tend to support that worry. And in the meantime, China has grabbed an ever larger slice of the (shrinking) pie... Wind power
If economic growth does not resume promptly in the OECD, it will be the increasing demand from the emergent economies to hit the supply wall this time. Vencit omnia veritas.
In developing economies, the rising cost of fuel is easy to pass on, so easier to absorb, even though the cost relative to incomes is actually higher. It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
