I'll cut back on everything else before I cut back on chasing. Making changes elsewhere will help a lot more than you think. Don't go out to eat so often, don't commit to all those impulse buys... etc. Over the winter "off-season" and especially during the months right before chase season kicked off I cut back on almost everything and saved all that money for gas during the spring. So thanks to that, I've saved up a lot more money than I would have otherwise and the price surge isn't hurting as bad.
As others have said, carpooling makes a huge difference. With gas at $3, just chasing with one other person cuts your pay down to $1.50/gallon, and for those piling 4 into a car, they are each paying under a dollar a gallon. I still prefer to chase alone, and on most in-state chases I will continue to do so but for those long distance marathon chases it's almost silly not to at least split it with one other person. The difference in $500 for gas, and $250 for gas is one I can't ignore. Plus, when you can't get someone to go along, that chunk of change you saved by going with someone last time can help you be able to actually afford a long distance solo chase.
So I guess, if you can't live without chasing, and are sitting at home because of gas, cut back on everthing you CAN live without and it won't hurt so bad and won't leave you wishing you had that extra fifty bucks, and can buy you a few "marginal" setups. Then when you can, carpool carpool carpool.