The question is whether this will happen before European and USA economies buckle.

Yes their economies better slow down up there.Question is ,is current oil price justified or just speculation.

All by all in the long run Europe can be hurt more then the US and Canada.In Europe we don't have large energy fields available and we depend the most on outside energy.

With our currencies lowering the energy cost will take a big chunk out of the pocket.Everybody here starts complaining about their latest energy and electricty notes and for next to come they will climb more.