oil is 消耗品, It's not gold/silver other commodities

It's much harder to control.  One FA you forgot is how many cars are in China now. 
The number is much much bigger than 5 years ago, 10 years back. 

If US produce more oil than it consumes, it will export to other countries. Oil price collapse will not be good to US economic. 
So, don't expect big price drops unless China gets into recession, more than 15% job less, and most of people can not afford gas, most of cars will not be used.