Just my opinion, so keep the flames to yourself:
From an inflation standpoint, $5 gas is cheap. As a percentage of your income, it can make a dent, but does it really make it that hard on you? I know if you are scraping by it is hard, but you have a very expensive hobby car, so an extra $50 at fillup is going to break you? I don't think so. What it WILL do it influence a large part of the average americans also known as "sheeple".
The good news: the general populace will flock (pun intended) to high efficiency cars, prius, volt, leaf, etc. The demand for gas in the US will drop as the usage drops. The US has used less and less gasoline every year for many years. Baby boomers will die in droves and the net for the US will result in gas being stable or down long term.
The developing countries will be the problem. If they grow-up like the US did, then their demand will outstrip supply and drive our price up. This will continue the trend towards the average american being forced into high effciency or away from gasoline. The average teen today has no interest in cars and will likely live in a city with public transportation. They are not like us, but will be running the world soon, and will implement what they learn. They are being bombarded daily by "oil is bad" "green is good" which is not the case in many instances.
The end result, gasoline will eventually become harder to find, but it will be reasonably priced. The US won't tax it much, since it will not bring in enough money. The few and far between gas-powered vehicles which most people will refer to as "quaint" will be back in vogue and only true car people will have them. Like us. Regulations will force us to drive them infrequently and it is likley we will be looked down upon as social puriahs or crazy old people. Get used to that.
In the end, the transportation world will change, and it is likley it will change away from the "car" as an American symbol of freedom, to a "car" as a commodity or necessary evil to be avoided.
I do not look forward to that day, but I see it getting closer...
Randy