Thankfully, it looks like the days of massive increases in oil prices are over (for the short term). With consumers cutting back, the demand curve has shifted to the left enough to stabilize prices. Nevertheless, long term supply increases are unlikely (even at the high prices) and consumers need to make "savings" permanent:
- No more SUV's.
- Don't buy houses 50 miles from your job.
- Carpooling is your friend.
- If not carpooling, ride mass transit.
- Small houses are cool. McMansions are not.
- Insulate, Insulate, Insulate.