How can the world economy thrive with today's oil prices?

If oil climbs much higher, I cannot see how we could avoid a nasty episode of ';stagflation';. Speculators seem to be one of the few entities making money from this global funk! As energy costs climb, inflation takes off, but without any real value being added and subsequently job loss occurs. Then a vicious downward spiral plagues world economies! Supply and demand forces seem to be tainted by usurious investing and the normal cyclical nature of business and economics seems to be off track! Is this an incorrect analysis?How can the world economy thrive with today's oil prices?
Perhaps too much investment in cars and factories is what brought on the shortage of oil and the high oil prices.





Major economies such as China, India, and USA have been growing non-stop for a good number of years now. And the rate of growth was quite high. So high that the world production of oil couldn't keep up. And now this rate of economic growth can't continue any more.





Perhaps if more money was invested in the production of oil and not so much in the production of cars and factories. Then economic growth would've been more sustainable. And we wouldn't have the present high oil prices.How can the world economy thrive with today's oil prices?
If a modern economy adopts a nuclear energy program for electrical power generation, there should never be a long term problem. It is really the most rational solution to freeing up resources for use in motor fuel consumption.
It can't and won't . the fall has started .