It isn't nearly that simple. Oil is a commodity which means worldwide demand determines price NOT THE OIL COMPANIES. Do you see American steel, silver, or wheat cheaper to us than them? Whoever has the commodity is going to sell it to whoever will give the most profit. Most of our American made steel goes overseas because they will pay more for it. Much of our domestic supply of oil isn't tapped because our refineries are already near capacity and environmental protections won't allow us to change that. The next administration probably will begin to tap ANWR and oil shale supplies only so we won't be held hostage by people in the middle east that hate us but love our money.
Our best weapon against terrorism is energy independence and we are well on our way to developing hydrogen technology that will make petroleum based internal combustion obsolete anyway. Ethanol is a giveaway to corn farmers that is starving much of central America and electric cars are only a short term fix with their own set of problems. As it is now, we don't pay that much more for gas when adjusted for inflation than we did 30 years ago. Things change very slowly when the people in charge are comfortable with the status quo. The best thing regular folks can do sooner rather than later to lessen what you pay to power your everyday transportation is go Biodiesel or get a high milage econo car. The price of oil, gas, gold, cement, lumber, etc. is not ever going to come down much because the worldwide demand is always growing. USA ain't the only game in town anymore.
I'm worried what will happen in the next year or two when our limp wristed politicians have allowed Iran to go nuclear, Ahmadinijad (sp) makes good on his promise to destroy Isreal, and a strong wind causes much of the middle east to be radioactive. Then how much do you think oil is gonna cost? We are sooo f*@ked.