Once gas reaches a certain point, let’s say $8/gallon, our service sector employees will decide it’s more expensive to drive to work for their $7-$8/hour jobs. That’s when the poo will hit the fan.
Oil at $300 would be about equivalent to total thermonuclear war. Quieter, though.
It won't really matter that much... By that time, diesel will be over $9 a gallon, and many truckers and transport companies will be going out of business. Expect shortages of all sorts. It won't matter than much if you can't afford to buy anything, since there won't be much of anything on the shelves to buy.
And of course, there's the cost of fertilizer. I've heard a number of farmers say that due to the incredibly high cost of fertilizer, they're not going to plant crops, just hay, so there could well be food shortages as well.
With oil and fuel prices moving the way they are, we could be in for a very nasty surprise.
Mark