We should not forget that in the past, surges in the oil price at the end of expansion periods triggered crises

We want to emphasise the importance of the fact that the increase in shale oil production in the United States is now preventing the oil price from surging. In 2007-2008, the oil price exceeded 140 dollars per barrel. The result was a sharp rise in inflation and interest rates, which triggered the downturn in real estate prices and, in the United States the rise in household defaults and the subprime crisis. So we should not forget that if the oil price had remained much lower in 2007-2008, there would perhaps not have been any subprime crisis, and therefore that the current functioning of the oil market is preventing this type of crisis.