For most people, I think the actual cost of the gasoline to get to and from work is quite small. Go ahead and figure it out - how many miles do you drive to/from work each week? And how much does that cost you for gasoline? Even in an SUV it is likely far less than other costs associated with getting to and from work. How much does auto insurance cost a month? How much does your car payment, or depreciation, cost a month? And most important, given the hourly rate you earn on the job, multiplied by the number of hours you spend commuting each week, how much is the cost of that? Gas is still a small percentage of the overall, unless you are a traveling salesman or something. One can even argue that, for many people, higher gas prices could save them money overall. If traffic decreases say 20% due to people consolidating trips, it could cut as much as 40% off commute times. Figure out the savings by multiplying the number of hours saved commuting per week times your hourly wage. Then compare to the extra cost at the pump. I think many will be pleasantly surprised.
To be honest guys. If oil stays above 100 for the summer, we are not going to see much of an impact other than those making money in the Energy Sector...make more. If we see 200 for more than 6 months...then I can see a problem. Fact is, the US has had it cheap, for a very long time. EU pays 3x the amount we do and it is not all taxes. We have some of the cheapest gas in the world. nevertheless, I think the world is ready and can grow on 100 a barrel. What is far more of a problem are the Scumbag liberals, Unions, and massive Debt that Cities, states and the US GOV is carrying. I would worry more about the DEBT issue than 100 oil. I doubt we will see 200 or to be honest...140. I think we will slow down around 120-125 and then float between that number for the next year.
"The poor, will be taking care of by all the "Assistance" that the States, Gov and muni's provide until that money runs out." This is not true anymore. Even Obama is proposing cutting LIHEAP. The poor are finally going to be left to their own devices, it looks like. http://www.timesleader.com/news/Casey-criticizes-LIHEAP-cuts.html