I hope you're right. I don't share your optimistic view of the general public. I think most Americans (leftists and those too uninformed to vote) are too selfish to sacrifice for anyone else and too focused on their own instant gratification. One-third of this country carries all of the weight. The other two-thirds (leftists and other uninformed) are parasites who contribute nothing of value to the nation.
Wish I could argue those points, but I can't. Liberals have managed to perpetuate the incessant howling of "me, me, me" throughout the Democrat constiuency. Blecht.
Nor do I.
However, oil producers and oil companies, have jumped the shark IMHO. The US economy is like a battleship--it takes a long time to get turned around.
Even if gas does make it back to $1.50, the average consumer will remember that it was above $3 for much of 2006. Future consumption and spending habits will factor this in.
Business planners will be factoring in this year's explosion in energy prices, too.
I'm no futurist, but planning set into motion at $3/gal is not likely to be cast aside with $1.50/gal gas.