I have heard different. My understanding is that if you adjust for inflation, Americans still underpay for gasoline, as we have for all the decades since WWII (despite the 50's and 60's being when many countries lost control of countries in that region, but companies maintained that control, because they were often headquartered in the mother countries). Also, consider what gas would cost if you made Americans pay for the costs of gasoline that come from pollution, and the attendant health costs, lost productivity in traffic jams, etc. I'm not saying its easy to quantify, but the costs are there.
Also, shouldn't we want to lower our foreign energy dependence anyway? If we want to be safe and free, the people of the Middle East must be safe and free (and they have not been, for a variety of reasons, for a long time). When they can share the same concerns as us (raising kids, making a living, watching Survivor, or anything else they want to read, watch or say), they won't be frustrated at the ways of their government and life in general, and won't take it out on us as they are doing now.
Lastly, considering everything, I am glad they have offered anything at all. They have a lot of problems over there (some that make me want to help them, others that make me want to kick them in the teeth), so this amount of recognition should be validating for us. Leaders (dictators? royals? sheiks?) over there also have to walk a fine line, giving away money to the decadent west, when paltry sums are spent on improving the lot of the populace.
I get my ideas from reading strategypage.com, MSM web sites, my poli sci classes at school, and independent reading. This is not a complete expression of my ideas on this or any other matter--the world is not a happy place, and I am not one to run off and join the PeaceCorps, in case anyone gets that impression.