You are concerned oil prices might increase by a factor of 8? Like in the 70's?

http://www.marketoracle.co.uk/Article1375.html

In any case, I'm not sure what this has to do with CPI-adjusted incomes.

By quality of life, I'm only estimating the direction of change rather than the magnitude. I'm assuming that having more stuff is better - I'm happier with flush toilets/a washing machine/Bioshock than without.