No- What you are saying is true. But it was not “The cause”. This was going to happen no matter what the price of gas. Gas prices might have accelerated it a tiny bit. But it was not the cause. Financial fraud and congressional laws that led to unreasonable debt were the cause. Rising gas prices were a tool used by the wall street bankers to bail themselves out. The bailout money we gave them. The Zero interest loans we have been giving them...It simply was not enough to bail them out. So they turned to something that we all must buy.
For instance. It became public that JPM rented a brand new super tanker. They filled it with oil, and let it sit off the coast. This drove oil prices up. After that they could sell it for a huge profit.
And you get your info from where. Rising oil prices came from Demo controlled Congress refusal to life oil drilling restrictions after Bush did for his part. Speculators also played a role, but the rise in gas prices was not just a tiny bit to accelerate the bubble bust as you suggest. Oil is the life blood of an economy. A Demo controlled Congress is the culprit for oil spike and the invention of derivatives for protection of losses. Watch PBS Frontline The Warning on YouTube from 09. It opened my eyes wide.