My biggest concern right now is that gasoline prices easing a little could tempt consumers to assume that the worst is over and prices will "be back to normal soon" (gasoline at around $2).  Probably the best indicator of mass consumer sentiment will be the level and mix of car sales for the rest of 2005.  If we see very low MPG vehicles rebound, even with gasoline above $2.80, then it's a bad sign and right back to square one.  If people remain cautious, buy fewer cars overall, and then favor the higher MPG models for the ones they do buy, we can conclude that either people are scared spitless or they're starting to get the message about oil.  (This assumes no major change in other factors influencing car sales, obviously.)

I've said it before, and I'll say it many more times: Look out your window--this is what interesting times looks like.