I agree that many people will need to make lifestyle changes due to increasing fuel costs, so more so than others, but do remember that speculation and panic are a major driving force behind rising oil prices. Prices rise everytime there's a cloud in the sky, for no real reason. The media are great at predicting the worst case scenarios because it gets the publics attention.
Now I realize the cost of fuel will never return to "normal" levels and there certainly will be economic problems associated with this, but if people are willing to adapt and change their thinking a little they'll be okay. Canada has one of the highest per capita energy usage rates in the world, we're extremely wasteful. The rest of the world gets by with much less than we have.
Maybe you'll just have to decide how important Sunday drives in the Hummer, and having 2 high definition tv's in every house really are. Just my opinion.