While gasoline prices have risen dramatically, and now average $3.80 a gallon, its impact has been muted. This is because natural gas prices have collapsed, falling 42% from a year ago, due to abundant supply and an unusually warm winter. I estimate that collapsing natural gas prices have mitigated two-thirds of the run-up in gasoline prices. But, with driving season almost here, the impact of high gasoline prices is about to be fully felt.