Laird Dyer of Coral Energy has also been predicting $90 spot oil and $20 spot gas during the winter's coldest period. He also says that while these these prices, if sustained for very long, would lead to some demand destruction, he thinks it would be far less than during previous historic price spikes. This is due primarily to deregulation and the greatly increased size of the world market for oil, but also with regard to NG, to the increase in use by electricity generators and to increased home heating use, both of which must use NG regardless of price.
Remember what they don't say on TV is that $20 NG would be a spot price and wouldn't stay there long. If NG were to stay at $20 a long time, then you are right, it would kill the economy and eventually the price of NG would collapse itself from demand destruction. Best case for everyone (consumers, business, investors) is for spot gas not to peak over $15 and for futures to stay in the $11 - $12 range.