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I don't see oil hitting those levels in the next couple years. The Fed has more or less stated they aren't lowering rates anymore, and thus the dollar will slowly recover. It is also in the best interest of other countries to prop up the dollar which in turn will keep oil lower.
I don't think we'll ever see the days of $2 a gallon again, but I don't think we're heading for $8 anytime soon. People are already starting to adjust by moving closer to their jobs (homes for sale in the burbs are going up), or taking public transportation (Amtrack just had its biggest month). You'll see more car pooling, riding of bikes, and pushes toward public transportation in the coming years. I also think no matter who wins the Presidency, they'll have to make finding alternative methods of powering vehicles a priority.
I see some rough times ahead, but I don't see complete chaos.
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