Yes it was but we were also in the middle of a financial crisis and very deep recession.
Cheap oil isn’t necessarily a “good” thing given break even rates in some of the shale basins. With prices falling (due to slowing global economy ex-US) and U.S. output increasing (highest levels in 30+ years) it’s not a good recipe for additional exploration and output. We are at the point now where we need to lift the export ban or we will have a glut of oil and prices will crash further.
The financial crisis came from the housing thing that was shielded by Democrats. Even Jamie Gorelick was there.
I believe it was deliberate.
“Desperate times require desperate solutions - SOCIALISM NOW!”