Oil’s Imminent Decline Will Impact Us All

What if the price of a gallon of gas goes to $5 within a few years? What impact would it have on your life? Would you still take vacations by car? Would you be able to afford your commute to work? What would the cost increase in heating and cooling your home do to your budget?

A large jump in the price of oil would also translate into price increases for diverse products such as computers, -iPods, tires, deodorant, eyeglasses and heart valves.

So you think you might be able to afford an increase to $5 without too much suffering. OK, what if the price went to $10 a gallon in a few years? Or, say, in addition to a large price increase, the U.S. instituted a rationing program similar to what we used during World War II. Would you still be able to commute to a job 40 miles from your home? Or, more importantly, would you still have a job given the impact of these price increases on the economy?
Rocky Mountain News