It may have existed a few times in history, but this ain't it.
Dramatic, but temporary, price increases are the markets way of insuring a supply to those who need it most. An example is plywood in a coastal area when a hurricane is approaching - the price usually spikes to a point high enough that those who do not live a threatened area and do not need the plywood that badly will not buy it, thus making the supply available to those who need it most.
What we have here with gas is a left-wing policy agenda driven by radicals who literally want to shut down the fossil fuel industry, and they will control things for 4 years. Given that, the industry is not inclined to increase supply so long as they are being assaulted at every turn by a hostile administration. This is a philosophical and structural issue, with little end in sight given the supreme ignorance and hysterical nature of the left.