I won't do any regattas far from home, but I don't see gas prices stopping me from doing the ones close to home. A 2 hour drive for a weekend regatta is still cheaper than going out of town or vacationing.

At 3.50/gal my parents dropped $150 in a few hours of waterskiing with their power boat. Needless to say it's for sale and they want to buy motorcycles.