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the problem we have is not only oil but also we way our infrastructure is set up.
our sprawling suburbs have been zoned by municipalities and built by developers with the idea that some cheap form of energy will always be available. The very clear separation between commercial and rezidential zoning make it close to impossible to live life without a car. Plus, residential real estate prices are inversly proportional to the distance to commercial/cultural centers. In effect higher gas prices will affect the lower middle classes who can't afford or can't fit (for reasons of family size) a condo in the newly spruced-up downtowns or a house close to those downtowns.
It's tough to undo what seventy years of building according to zoning that's been segregated into residential/retail/commericial/industrial have done. While the zoning assures beautiful clean neighborhoods, it made us perrenial commuters, and forever hooked on some form of cheap energy.