The aluminum cost is basically the cost of electro refining it. As the cost of electricity goes, so goes the cost of aluminum.
That is going to be the issue..producing aluminium requires huge amounts of (expensive) electricity and unless that changes, I think its going to be a sticking point..
I think its more likely that over time, the increasing cost of gas will coerce a higher percentage of Americans into driving smaller, more fuel efficient vehicles, basically following the European trend..