Oil Prices Caused the Current Recession

NVDL: The question is, having already ruined the global financial apparatus to the extent that it has been ruined, are $60 oil prices sufficient for economies to recover again?

clipped from www.theoildrum.com Defaulting mortgages are only a symptom of the high oil prices. We should be blaming the underlying cause--higher oil prices--rather than the symptom. Oil shocks create global recessions by transferring billions of dollars of income from economies where consumers spend every cent they have, and then some, to economies that sport the highest savings rates in the world. The question I have is with respect to his statement, "If triple-digit oil prices are what started the recession, then $60 oil prices are what will end it." I would agree that lower oil prices are necessary to end the recession, but it is not clear to me that they are sufficient.