I guess you forgot about the millions of people out of work, or the millions of people who make $8.00 or $10.00 an hour. Gas prices will absolutely affect them and it will absolutely hurt the economy.
I disagree with most of what you said.
Philster - if you don't think gas prices will punch this minor economic rebound in the gut you are mistaken my friend. When, yes when, the avg hits $5 in another 30 to 45 days the panic and slide will make the last one look like a bump. Diesel is already out of control, which pushes all consumer goods higher then throw in the gas for your passenger cars. It's not going to be pretty.