Hold on there, Toad...
This is the first significant price hike in history caused more by increased demand, than by a transient interruption of supply. It isn't going to go down a lot when refineries hit from Katrina and doing seasonal transition maintenance come back on line next month.
The faster we use it up, the faster the price goes up.
The faster the price rises, the more inflation stress on the global economy.
A significant driver of the global economy is American consumption, fueled by debt (I'll call it an inverted debt bubble) at levels there are no historical records of.
We're flying IFR without any Jepp charts.
One thing we do know is that 3 of the last 4 global recessions were triggered by high oil prices.
The faster the price rises, the greater the risk we have the mother of all recessions - a hyper-stagflation - without the resources to invest to get out of it, because the US and Japan are up to their eyeballs in debt.
Printing more money only increases the inflation, prolonging and deepening the stagnation.
Want to go back to 1979? 21.5% prime rate? Prices increasing 40% in 3 years? 17.5% mortgage rates so that a $200,000 mortgage costs $2,933 per month?
You, of all people, would be hit the hardest since you're on a fixed income.
I prefer conserving now to try to keep a lid on prices as investment is made over ten years.
Using it up as fast as we can is economic suicide.