I would certainly drive a lot less, and cut back on my little excursions and road trips. It would be hard to get used to, but it would be manageable. I live in the burbs but there is a small strip mall within walking distance that has reasonably good sized grocery store, a good little old-fashioned hometown hardware store, a liquor store, a Radio Shack, and other shops, several restaurants, banks, etc. so much of my shopping could be done on foot or on a bicycle. I’m also lucky to live right smack dab in the middle of Amtrak’s eastern corridor and the train service is very good would be very convenient for me to use. I have close friends in NYC and Connecticut and taking the train to visit them is something I do sometimes anyway instead of driving. I’m not working right now but will be in the future and hopefully I would have a job that is convenient to get to on public transportation. I would also maybe get a Vespa or something like that and use the car only when necessary. I have a small travel trailer and a Vespa just wouldn’t cut it as a tow vehicle. :-)
It would be difficult to get used to not driving everywhere but I am pretty well situated by my location in terms of filling most of my needs on foot, bicycle, bus and train. So, really why am I driving everywhere most of the time? Lazy I guess.
Though that’s just in terms of getting around myself. What would happen to the economy, to the price of goods and services that are heavy users of gasoline, I can’t predict that. Maybe that would make us invest in our railroads again, for shipping and transporting goods and materials, rather than depending on the trucking industry.