Fact is that $2.50 and $3.00 marks did increase mass transit loadings by 5% to 8%. The $4.00 cost now is leading toward commuter service meltdown as most agencies are not equipped to handle this quick surge. Patience is needed as these agencies try to adapt to the situation...they don't have extra cars, they don't have extra crews, the don't have extra track. There are calls for changing or spreading out work hours to stretch the "peak" travel hours, etc. If they can't handle the new traffic, then the new traffic will not give them the 5 to 20 years needed to catch up, and there will be real trouble!
It seems, too, that conventional wisdom is turning not to the oil companies as being the culprits, but rather investment bankers, et. al., who are looking at commodities rather than the stock market, to make their overnight fortunes and thus running the price of a barrel of oil higher and higher. The big oil companies, in effect, have lost control of the market and are as much at the mercy of the market as we are. If and how they regain control, I don't know.