Gas Prices and Investment Real Estate

I've always believed that transportation influences real estate. The house in Tracy may be far cheaper or more beautiful than the house in Sunnyvale near your job. Yet, the 3 hours in the car commuting will tip the scale to the Sunnyvale location. This makes Sunnyvale more expensive. Will much higher gas prices further this imbalance? Core location real estate is always more expensive. It is also the asset that holds the best value especially in rougher times.