Does the price of gas fuel e-commerce?

So, gas prices have hit record highs this week. Seth Godin has an interesting point of view on how to get people to conserve. I’m somewhat curious as to what impact these fuel prices will have on e-commerce. Will consumers stay at home and shop online? Or will higher fuel prices decrease disposable income, slowing spending online as well as off? These sorts of issues always seemed more interesting when examining them from a distance. Now, I’d like to be able to fill my tank for less than $50.