$70 a barrel wouldn’t start a world wide depression (at least not by itself). In fact, until we hit about $120 there was very little resistance around the world.
The $70 figure was based on what the Saudi king and his oil folks have stated is a livable price without upsetting the world apple cart.
On another note:
Of course the Democrats would rather tax our way out of the problem of high oil prices....ROFLMAO.