In a sense, cheap oil (in the US and other countries) allowed the creation of far-flung suburbs that enabled the rocketship of suburban debt to launch.
Without those suburbs enabled by cheap oil, the housing crisis never would've been so severe, as no one would've thought of driving 50 miles each way to a McMansion every day in the middle of nowhere.
Without those suburbs enabled by cheap oil, the housing crisis never would've been so severe, as no one would've thought of driving 50 miles each way to a McMansion every day in the middle of nowhere.