Well, OPEC flooded the market in order to drive prices so low that fracking wasn't profitable. Shale wasn't "saving us" in that it didn't cause the supply that lead to the low prices, but fracking for American oil has drastically upset the status quo for the international oil supply. OPEC can no longer simply cut production to drive up prices, because then fracking becomes profitable again and American oil starts booming. Thus, OPEC is stuck with being the "Wal-mart" of the oil supply business, making money by undercutting everyone elses' supply chains.. We will continue to see sub-$3 per gallon gas into the foreseeable future.
ALL THAT ASIDE, the Elio is economical regardless of what oil costs. Because it is simply cheaper transportation than any other new car on the market. It is a new vehicle for the price of a used one. And to all the folks that are digging under the couch cushions for loose change for gas money, the Elio will be a lifesaver even in a $2/gallon world.