I remember when gas was one dollar or so the economy was much better. Even at two. As prices went up so did everything else. Person started going out less and spending less. It was psychological. Few dollars x size your tank is that much but in one's mind it is. That is what I noticed.
I know I'm a little off the question .
If the price of gas goes to $10, it will really hurt the economy. All businesses want to make money and the same money. If they make less they will cut payroll and raise prices, whatever it takes to maintain their status quo.
Publicly held companies have to keep up their stock price so they will do the same.
I do however own gas stocks in Mutual Funds. If you can't beat them, join them.