OPEC oil production dropped off a cliff after things shutdown in 2020, so the supply did not remain high. At the same time, at least a little demand shifted rat

OPEC oil production dropped off a cliff after things shutdown in 2020, so the supply did not remain high. At the same time, at least a little demand shifted rather than disappeared by increasing home deliveries of goods and services. In the US, gasoline prices still dropped about 30% off their most recent pre-covid prices. There are also fixed costs involved with transporting gasoline, running a gas station, gas tax, etc that will not change much with supply & demand. Given all of this, gas prices seem to mostly correspond to what was happening: production plummeted, demand plummeted with some modest shifts, and so prices at the pump dropped by a relatively modest 30%.