It's a lousy analogy. Cognac is more expensive than gasoline, but I don't need large amounts of it to get me to work every day--unlike gasoline! Limbaugh (who probably has large stock holdings in oil, so he has a figure-four liplock around the oil industry) uses the same analogy.
Since gasoline is obvioulsy a more valuable commodity to most people than cognac, the unit cost of cognac should be a lot less than the unit price of gas. Yes, I realize there are other factors that come into a play, but from a pure value standpoint a widely available, easily produced product that no one really needs -- like bottled water or soft drinks -- should not be priced more per unit than a product like gasoline.