I think you're reaching quite a bit here. Oil is demonstrably more than 50% more expensive now than it was anytime before 1974, even adjusted for inflation. (I just double-checked.)
You seem to be saying that the price of energy not only underpins the entire world economy, but that it is the greatest factor in the world economy almost to the exclusion of everything else. I cannot believe that would actually be your argument, so I must be misreading you.
While the cost of energy is certainly a big factor (and I'd readily agree that cheap energy is largely responsible for the industrial age), the world civilization would have collapsed already if it were tied that closely to the barrel price of oil.
You seem to be saying that the price of energy not only underpins the entire world economy, but that it is the greatest factor in the world economy almost to the exclusion of everything else. I cannot believe that would actually be your argument, so I must be misreading you.
While the cost of energy is certainly a big factor (and I'd readily agree that cheap energy is largely responsible for the industrial age), the world civilization would have collapsed already if it were tied that closely to the barrel price of oil.