Fuel
Yeah...it is hard to say where this will all land. I agree that the prices we are paying now are artificially high (started with Katrina, remember that spike? Prices have never recovered). There is no incentive for the big oil companies to reduce their costs. Think of it from their business perspective: they are making record profits, they have record demand, and thus far there has been no reduction in demand as they ratchet up the price.
I have no idea what the answer is and cannot see where this will all land. I predict it will result in more efficient cars and a short term drop in value for our gas guzzling trucks and muscle cars, but it will recover as it did in the '70s. Remember the OPEC embargo - which killled the big detroit land cruisers and the muscle cars for 20 years? All of the Suburbans, Yukons, etc. will either go hybrid or fade away. Their resale is in the dumps..
Right now I have the engine out of my truck. I have seriously considered putting in a 6 cylinder or a diesel. But there is not much gain in going to a 6 with a 3 speed (in comparision to a V8 with overdrive), and diesel is so high - I would never recoup the investment. In the end I decided on rebuilding the 302 and putting in an overdrive. Honestly, I am more concerned with the gas in my big Dodge Ram daily driver than I am concerned about a hobby truck. I have considered selling the RAM. But is is paid for, gets 16-18 average...so I am waiting it out.