America would look a lot like it did during the Great Depression. People wouldn't travel much, more things would be produced locally because shipping would be expensive, people would live closer together (both in proximity and density), people would eat local produce because out-of-season foods would be expensive to ship, etc. Things like digital content, electronics, etc would seem extremely cheap ($500 for iPod touch or 5 gallons of gas), while other things like wine, strawberries, air travel, etc would be extravagant luxuries. It wouldn't be like the poverty of the great depression, but a lot of things we take for granted now would get very, very expensive.

On the other hand, the high shipping costs would make local labor a lot more economical for manufacturing, maintenance, etc.