CanaiiWhat happens if oil hits $200 a barrel? Alberta or Texas will be fine. But economies that don't produce oil are screwed. Especially those that depend on cars.
At that price the cost of fertilizer will be astronomical and cause a spike in food prices as farms become unprofitable unless prices go up an order of magnitude to keep up. The moment you bankrupt farms is the moment famine enters the chat.
Yeah, good will go up a bit but as almost all of the cost of living is housing it kinda makes everything else pretty minor in comparison.