Is it possible to have a voltage drop across the energy storage element greater than the supply in series RLC circuit?

If, by 'storage element', you are are referring to the inductive and capacitive components (?), then the answer is yes. The voltage drop across these components is given by:

• VL = I XL
• VC = I XC

In fact, at resonance, if the resistance is low, then VLand VC can be very much higher than the supply voltage.