I drive an '01 Honda Accord sedan; it gets around 25 or so MPG; once I go to college I'm getting an '06 Civic (used, new, I don't care; it's a Civic!)
The main thing that determines my car purchase is the cost of the car, and gas mileage. Last thing I'm concerned about are its off road capabilities, luxury features, and stablizing safety whatnot. As long as the car is cheap, gets good mileage, is relatively low maintenance, and has an airbag, it works.
Here in Houston gas prices are around $2.30 for regular unleaded.. highest I've seen is $2.50 recently. Prices have gone down significantly.. and now that Chevron found that huge oil deposit in the Gulf of Mexico the United States will have some self reliance when it comes to oil (will take several years to drill though).
Gas prices won't ever go down significantly unless the demand drops.. the bottom line is, if it's cheap and gets good mileage, i.e. an '06 Honda Civic, I'm getting it.