Bohica...

 

You bet, and I wonder if we will go above the last time of high oil and gas prices.

Today, 3/7/11 oil hit $107 a barrel, but dropped at the close to $105.

 

For all the complaining about the price of oil, it's still significantly cheaper than nearly every other commodity or service over the last 40 years. On top of the obvious advances in efficiency (average car got 15 MPG in the 70's), the cost is still a great value.
In the 70's no one paid for television ($~$70/month) or water (now $7 at major sporting events) and a can of soda was 1/10th (or less) of the price it is today.
There's been a lot of inflation in all products over the years, but gas is still cheap (only computing is cheaper).

 

The above comments strike me as true. Unless one commutes a long distance or operates a vehicle for business, a price increase of $1/gal amounts to $1-$1.50 per day. Most people piddle that away without a thought except when it comes to gasoline. Then, they complain loudly.

Too bad the cost of our wars in the Middle East can't be tacked on to the cost of gas, then we'd really see a price jump.