Peak oil hysteria aside, we'll survive high gas prices by using something that's not gas. Electric car production is ramping up at a lot of companies, and cellulosic ethanol (not the appalling debacle associated with our current ethanol-from-food policy) may help produce gasoline to get us over the hump. Though the transition period will be economically treacherous we'll get through it and come out on the other side without a dependence on foreign oil.

But if it's $7 in six months, it will be a messy few transition years. I don't envy President Obama or McCain, as they'll get blamed despite not really being able to do much either way.