Read a non-technical discussion of why gasoline prices are falling now, some months after they went up. The author attributes the price drop to a demand drop which couldn't occur immediately, as it then would have incurred unrealistically high alternative costs.
However, given time, people can find workarounds which involve the purchase of fewer gallons. They can vacation at the nearby lake instead of driving cross country, they can get smart about combining shopping stops and errands to save fuel. I've seen a fair few on electric bikes and scooters.
