It's still far cheaper than it was in the 1979-82 timeframe
when adjusted for inflation (from this source). No one likes paying more for gas than we used to, but in constant, inflation-adjusted dollars, the price has been quite a bit higher in the past.
Since the chart is in 1996 dollars, I used the Inflation Calculator to see what it'd take to translate $40 a barrel today back to 1996 dollars. Adjusted for inflation backwards, $40 today is $34.54 in 1996 dollars, which is a far cry less than the $55 a barrel peak around 1981.