Given a massive contraction of the supply, we're less likely to see huge gas prices and more likely to see regulated prices and gas lines. In a very real way, gasoline *is* our transit infrastructure. If the government lets prices get too high, we'd have serious problems.

Another thing to consider is that we get little to none of our oil from the middle east from what I understand. That means that most of the competition for supply will be indirect as Europe and Asia turn to the sources that we use i.e Russia, South America, etc.