1,000,000 Squared

Is It Possible the Current Recession Was Caused by Oil Prices, Not Housing?

The article is substantially and significantly on track for what may have been the single catalyst or "tipping point" activity. Clearly there were major issues with the housing market and the dramatic rise in oil prices seen in mid-2008 (as families and business struggled with Oil at $150 a barrel) was a key contributing factor. I drive substantially and had a monthly gas bill go from $210 to $420 by the peak. All these expenses cumulatively spread throughout the economy in terms of the shift in dollars from housing and other areas to pay in some fashion for oil and its connection through the transportation network (for food, consumer goods, electronics, passenger travel, summer tourist, etc) would have taken a substantial bite out of funds and monies that may have reduced or mitigated the impact (servicing mortages).
I will go one step further, could it have been manipulated by external agents who went after a single domino in an attempt to send a shudder through the financial and banking system?