We've already seen them during Katrina. Adjusted for inflation during the peak of the 70s/80 fuel crisis, gas was like $2.90-3.03 adjusted for today's dollars, depending on the source cited, for 1980.
During hurricane Katrina, the average hit $3.06. According to gasbuddy.com, we're now $2.88/gallon.
We're very close.
Why wait for $5 to start an EV? Properly built with a sizable pack to keep discharge low, it will break even with its gas counterpart anywhere from $0.80-1.50/gallon including cost of battery replacement. Adjusted for inflation for 2006 dollars, gas has never been $.80, and very rarely below $1.50. However, keep the battery pack small to save on up front costs, and it might break even more closer to $2.50-3.50/gallon, in extreme cases, $5.00/gallon. Around $1.50-2.00/gallon generally is the normal break even point for those who use flooded batteries, but these examples made no special attention to efficiency or a properly sized battery pack. Making an EV that will save you money is a fine balancing act, but can pay great dividends if successful. Not to mention, a car built from the ground up as an EV would fare far better than a conversion. If commercial EVs would be sold, people would have vehicle operating costs literally 3 or 4 pennies per mile for combined fuel and 'maintenance'(lack thereof).
gas is 2.89 here the cheapest. I have to drive 3 miles one way to save 20 cents a gallon. My parents and especially my grandma has been bugging me why i'm driving even slower now. My mom doesn't even say anything since gas hit $3. Especially the fact that I pay for my own car, gas and etc.
Hopefully my tank lasts for another week, I can't afford to fuel up now.
I think I use the $5 mark as an excuse. The real reason is that I have enough projects as it is right now. I've had 8 tanks of gas since last October in my car, so I really don't drive too often. Now that the Spring is here (I think... stupid utah snow in April) I'll be riding my bike more and will hopefully be in the N600 a bit for weekend drives.
I just heard from a friend that says that if we used 20% less in the USA we would force the price back down to less than $2 in about a week or two. The crude is coming in as fast as they refine it and put out the gasoline - we stop buying as much and the stuff has to go somewhere and ends up in the reserve tanks until they get full then they lower the price to sell more and we WIN! Supply and Demand!