Nonsense. I won't be surprised to see an oil glut in 3 to 5 years from now.
Well, my taxes have gone up 3 straight years, and A HELL of a lot more than the price of gas & my suburban town is thriving.
Your right and your wrong. The devlopers will now make these dense new housing projects that people will buy. Once the oil starts flowing due to drilling, better ways to extract from shale, etc, they will move back to the suburbs for their big homes and more elbow room.
Then start the cycle again, oil prices up, people move closer to jobs into denser housing projects. Oil goes down, people move to suburbs.