^I have to partially disagree with your disagreement, KJP. The thing about higher oil prices is that they were more psychologically damaging than anything else. Gas at $4 vs gas at $2 is a huge leap; however, we're still only talking pennies when compared to the way other things have jumped in price over the last few years i.e. utilities, college tuitions, food essentials, and until last year housing. There is something wrong with our country when we are okay with paying $600-$1000/year on cell phone calling plans, but freak out when paying a similar amount for gas, which is generally more essential. And there is something VERY wrong with our country when colleges, private and now even public, are having escalating rates at, what, 5 or 6 percent. Wash U. was $30g/year in 2000. Now it's over $50.
I would agree on theory with your point that saving on gas bills may act as a kind of stimulus; however, I believe this savings to be fairly inconsequential (at least on a macro level) as the cost of living is so high at this point that, while every dollar counts, I just don't see any real relief coming from saving 40 or 50 bucks a month:(
And I say this all with little economics knowledge - just opinion