But, if the oil companies respond by lowering prices and then people resume their old driving habits, won't the prices just go right back up again?
Could happen, but if one changes driving habits, the price could remain lower.
I'm retired and have an SUV, Accord, and a Mazda Miata. Make a guess which vehicle ALWAYS remains in the garage now. Changed my driving habits and found out all the room and comfort was not a requirement in getting from point A to B.
The Miata works just fine and is great on gas. So with the Accord.