The 70’s oil crisis was the start of Europe demanding better fuel efficiency of their cars, and better heat efficiency in their homes. This crisis will likely make people switch to electric cars, the ones who can’t afford to, will need to use public transportation. It could also very well result in less long distance transportation of goods, since they’ll become more expensive.

I’m not psychic, so I don’t know everything that will happen, but it’s not far fetched that oil prices are getting so high, oil fueled power plants will become too expensive to run…