No, that is
not why gas prices were so low back in 2008. When Bush lifted the offshore drilling moratorium, the price of oil dropped like a rock. It was below $2 when Obama was inaugurated. One of the first things he did was reinstate the ban. Guess what happened next...
The reason why prices are coming down this time is because of shale oil and fracking, which is increasing the oil supply despite Obama's shenanigans.