Shifting Gears

We all know that gas prices are going up, up, up, and that as a result more people are riding mass transit. But what about commuting to work on your bike? According to this blog post from Freakonomics, Dutch workers can use up to $750 of pre-tax income triennially to purchase bikes. In offering this subsidy, the Dutch government aims to incentivize short-distance commuters and decrease air pollution. Added bonus: a more active and healthy population. Makes sense to me.
Do you ride your bike to work? If not, would you if (OK, when) gas prices rise even higher?