Does $107/barrel of oil mean were all f'd?

In Los Angeles, we're already over 4 dollars a gallon and it just continues to soar. Even before the series of revolutions began in the middle east, gas prices were already starting to rise at an alarming rate. It used to cost me $30 to fill my car completely up, now i'm about $70 dollars and i fill up once maybe twice a week that's up about $250dollars/ per month from about 150/mth. Maybe this won't damn everybody, but the people like myself just starting off in life barely getting. I'm going to have to start up on food stamps!!!