If you are bored on the internet, go to any one of the many "inflation calculators". Oil was as high as $40-45 a barrell in 1980. Punch that in to 2006 value and see if it is more or less todays $70.00 a barrell.
Or a gallon that was from a dollar to a dollar and a quarter a gallon in 1980. See what you get.
I know that Ron Reagan with a stroke of a pen drastically cut prices by not regulating prices and befriending Arabs, and that was nice. But you will see that through history we are right in line with inflation.
I don't like gas at 3.00 gallon either, but it probably not change much in the long haul.