Some more time needs to go by before a conclusion can be made, IMO. Americans got hit by the big ramp in oil and now it’s seemingly backing off. But forget not that it could pick up again on perceived demand as the inflation story recedes. And that is very probable, as the crazy inflation numbers, being year over year, cannot continue indefinitely. Gasoline prices cannot be ignored, every person sees it/them every day. Supermarket prices are a little more muted even though they are very noticeably higher. But I take your point, gasoline got to “holy crap” but seemingly have retreated some to “not so bad”. It’s a form of shock therapy.
I keep catching myself subconsciously saying just that before I actively remind myself I was paying 2.25 less per gallon of diesel in 2020. and 2.50 for gas.