Good points.  What I remember was that domestic oil production went up when Reagan took office and the price of crude began to decline, and continued to decline in constant dollar terms for nearly a whole generation (up until 1998!)  Considering consumption, every penny decrease in gasoline during that time was effectively a $100 million gift to the economy - every month! - and most of it enjoyed by the middle class.  (Talk about a stimulus package - and it didn't cost the Government anything.)  :-/