The question now is whether we have hit a critical cost or not. Some suggest consumers won't significantly change their habits until it crosses $100, followed by $120 per barrel but time will tell. What this ought to be doing is pushing Washington to step up plans to develop alternative energies because we will not figure this out over night and need to be serious about this before the problems become more painful.
What bugs me is this administration will do nothing in the way of alternative fuels unless it benefits one of their big campaign contributors. Further huge profits are in store for Big Oil until it all goes bust and they're not gonna give that up.
That said, for the first time in more years than I can count (ran out of fingers and toes), I don't own a vehicle with a V-8 engine. For a former race engine builder, drag racer, and motor head, that's saying something.