This thread--and some of the responses--is interesting.
Newton postulated that for every action, there is an equal and opposite reaction. I believe we'll see that in this economy.
To believe that high gasoline prices aren't impacting us individually does not consider their impact on the country as a whole. There are people who are hungry. Maybe they're not really visible, yet. The elderly, who have their pride, won't want to have to admit they don't have enough money to eat as well as they should. And they're a segment of society that NEEDS to eat well; the immune system doesn't function as well as we age and requires adequate nutrition. Then consider the children and teenagers who need adequate calcium intake to build their bone levels of calcium. For those of us who "haven't felt the effects of higher gas prices yet," take a look at your children, grandchildren, nieces and nephews...are you still "not feeling it?"
For those who utilize mass transit, it's good that you have that availability. I'm sure it's something we'd all like to have access to. And hopefully, your transportation won't suffer when local governments have to make budget cuts.
I do think there is something to the theory of Peak Oil, but even if that proved not to be true, we have allowed OPEC to hold us hostage to oil for decades and we've done nothing to prepare ourselves. We had plenty of warning: that's on US. What's our response? We send Bush to Saudi Arabia, begging, hat in hand.
As for natural gas, the June contract just closed short of $12/btu...and we're just heading into hurricane season. For those not following, it doesn't seem like producers are injecting large amounts into storage for the coming winter...yet. Really, why should they? Last fall, NG was less than $5/btu and supply was ample. The country drew down the storage and now the price has more than doubled.
As to the idea that oil shouldn't be traded on the open market, why not? It's like any other good or service. If anyone has a skill, they sell it to the highest bidder, right? Food's sold on the open market, and it's a HUGE industry for the United States.
Some will undoubtedly fare better than others, but I don't know how anyone can see the strain on the faces of their fellow Americans who have to choose between fuel, housing, food, or prescriptions and "not feel it."