How does the $2 trillion in outstanding oil debt compare to the outstanding housing debt in 2007-9?

Even if the haircut for the banks is similar, I don't think that the average homeowner will feel the pinch quite as bad as the last credit crisis. There was a lack f available credit, but there wasn't as dramatic a lack as they made it seem. Getting a loan was more onerous than it should have been, because the pendulum swung too far in the risk-averse direction. Goldman, Citi, BoA were all sitting on mountains of cash for a few years that they refused to give to anyone.

Anyway, a little attrition in the oil business might be a good thing in the medium to long term. High oil prices are the best stimulus for cleaner technology.