This is clearly just a political move. The fact is India, China and the US are all gowing economically and increasing their demand for oil which is raising prices. If we want to bring the price of oil down, there are two things we can do: increase supply, or decrease demand.
To increase supply, we can open up drilling in new areas such as in Alaska, which is currently off limits. The new MTBE regulations are also restricting supply as refineries are still switching over to the new production methods.
On the demand side, we can use less gasoline: more commuters can take the bus, switch to nuclear energy for power, turn your thermostats up or down depending on the season.
Government artifically reducing prices will simply increase demand which is the exact opposite of what we need to do. Let the free market work and solutions on both sides of the supply/demand equation will be found.