No I dont think so...people will buy more and use more gas. Its the chicken and the egg thing...for example, back in the 1990's, gas was really cheap and people bought SUVs/Trucks, today at 3 bucks a gallon people are moving to more effencent vechicles that use less gas (I hope), thus the demand for gas will go down (well hopefully once again) and the price will adjust accordingly. If gas/oil stay too high for too long, people will look at altenatives to it and if they move to it, the oil industry will take a hurting.
One of the major reasons gas got so cheap in the late 1990's was the ecomonic crisis in the far east that derailed the stupid growth going on there. Hmmm maybe that needs to happen again :P