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To a certain extent, everything is interconnected. Still, oil itself did not cause the mortgage bubble or subsequent collapse. The mortgage bubble's main cause would be deregulation in the 1980s and the subsequent moves by financial institutions to turn homes into risky investments; things to be toyed around with en masse via the market. That, more than anything else, set us on our course which always was going to end with a burst bubble with or without the oil price spike in July of 2008. Remember, oil prices were rising more steadily until mid 2007 when they started to skyrocket. While this could be an indication that Hubbart's Peak is upon us, it's connection to the financial collapse would seem to be chronologically off.
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