I reckon gas has to hit $8 or so before we really start to see major pull backs. Still a long way from that. But the optics of seeing $4 or $5 gas when it was $3 a year ago aren't great and will start to erode spending.

People driving efficient vehicles aren't taking much of a hit. A 50 mpg hybrid it's about $30/month more assuming 15k miles. A 15 mpg truck more like $100/month.

To your credit, so far it seems this has had almost no effect on consumer spending. Hopefully they keep buying airline tickets.