> If fuel prices leap, the entire economy staggers, trying to keep up
> with the huge price increases of everyday items without the
> commensurate increase in salaries which will, with time, eventually
> catch up.
>
The fallacy in your argument is that there will be no compensating action.
If fuel prices double, all you need do is switch from a 10mpg SUV to a 20mpg car.
Granted this wont happen overnight, but since most people switch cars few years or so, it
should not take long for the economy to compensate.

People could also drive less, put more people in the car, work nearer home, use public
transportation more etc.
etc.

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