Very painful in the short term, but better for us in the long term. $100/barrel oil will dramatically spur alternative energy research and may lead to the "Energy Manhattan Project" that some have been calling for.
A family member was speaking to someone today who is a car collector and designer, and who said that Bush Sr. had been very interested in alternative auto design research and had managed to get grants going for it (this man received a grant for such research). However, he said that this stopped dead when Clinton took over, mainly because of Clinton's ties to the autoworkers union.
I agree that this might be the kick in the posterior that we need, although I think the Dems are going to hold out and obstruct to the last gasp. Fortunately, I own a horse.