The big question is if commodities choke the world. How high can gas prices go if we're still on somewhat shaky ground yet gasoline is at $3 plus?
To me, our fear of high gasoline prices and corresponding unwillingness to use gas taxes to shift the country towards smaller vehicles and get money for the roads always seem somewhat irrational (except for the current account deficit increase which is clearly negative): in Canada the gas is more than a dollar per gallon pricier, life is as car-oriented as in the U.S., distances as great, and the economy doesn't seem to be affected.
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