Well, gas in Texas isn't pleasant atm either

Since I drive a Volvo, I have to use premium gas. It's
checking in at $3.48 / gallon as I type this. . . . Diesel
is checking in at $3.85.

28-30 miles per gallon. ~80 mile round trip drive to work
daily. One fill up a week running about ~$48.00 each.
That's just shy of $200 / month just for the privilege of
driving to and from work. I like to think of it as a tax
for those who don't live within walking distance of their
jobs. . . . then again, if I lived within walking distance
the costs would likely be that much higher anyway. So
whatever money I saved on gas would go to higher taxes or
rent for that prestigious "in-town" condo or home.

While we won't see the point where folks quit driving to
work, they will make sacrifices in other areas that will
hurt the economy as well. Since gas is an absolute must
have, folks will cut down spending elsewhere.

Entertainment, trips, eating out, etc. etc.

This, in turn, will simply add fuel to the fire when the
consumer spending numbers come out and the decline causes
the market to bleed some more.

Somewhat of a snowball effect if you will.