Yes, we should be alarmed. Not only will this impact our daily driving habits, but also the cost of food and goods. As oil nears higher prices, food will increase due to the cost of transportation. Goods as well, due to the cost of transportation. Energy cost will increase, due to the increase in fuel, and the increase of maintaining gas for their fleet of service vehicles. Taxis, bus routes, air flights will all see an increase in price.
$200/oil will translate into roughly $9 or higher/gal of gas, and potentially more as they raise the price to attempt to put a curb to hoarding and panic buying of fuel.