Or was technology and the internet more of a determining factor?
If you recall, I never suggested that oil didn't have an influence on the downturn. I merely suggested that a certain abusive monopolist may have caused venture capital to dry up for start-ups, etc because Microsoft was onced again a threat to dominate all competitors. For example, they choked off Netscape's air supply while their .net vaporware started causing people to think that Microsoft would rule the internet the way they dominate the OS market, the suites market, the browser market, etc....
Plus everyone figured Microsoft would win on appeal with a Republican in the white house.
Venture Capital may not return to the high tech sector in full force until Microsoft is put on a short leash.
In summary, software is just a part of the new economy but to discount it's effect is silly, if you asked me.