In misc.consumers.house Harry K wrote:

But the history shows that the price never drops back to what it was.
The higher the rise, the higher the final price will be when the crisis
is over.

This started with prices around $2.00 here, it is now approaching
$3.00. My bet is we will never see gas (here) at under $2.75 again and
will be lucky if it ever goes down to that.

Where is "here"?

Do you happen to recall the price of gas in the summer of 1998 through 1999
was in your area? How did those prices compare to the few years before?

I personally am expecting gas to be under $2 again within 18 months.