That's what Steve Rubel says in this recent blog post. I don't necessarily disagree with him but I think high gas prices will lead to more scrutiny of all purchases, not just print content.
Steve's blog post specifically mentions newspapers and magazines. My sense is that when subscribers abandon these products they're switching to free digital alternatives, not paid ones. I say that partially because it's the model I've personally been following; I used to subscribe to at least a dozen different magazines and now I'm down to about 3 or 4, for example. On the other hand, I've picked up a paid subscription to The New York Times on my Kindle, so I'm not totally going the free route, but that's the lone exception.
The simple truth is that all household expenditures are under more of a microscope with gas prices at or above $4/gallon. The pessimists will predict declines in all the various print/publishing industries. Opportunistic publishers, on the other hand, will seize the moment, realizing there's never been a better time to introduce prospective customers to digital content offerings.
Think free samples, full access time trials, etc., or whatever it takes to get your product in front of a potential reader. Hey, I never thought I'd be willing to pay $13.99/month for The New York Times on my Kindle; I tried their sample though and quickly became a convert!