No, it's not. Profits are so high because speculators are so good at their jobs. They buy for X, and the prices end up being so much more than that. Good for them.
And the lower consumption of oil HAS caused the price of oil to go down. Yes, it takes longer for the price to change at the pumps when it's going down than it does to go up. OF COURSE IT DOES! Not only is it natural for people to want to make money, but there are other market forces at work that are causing things to be more expensive.
Where do you think the money is coming from to bail out the banks? Where do you think the money came from to offer up $300 to most of the US? It comes from printing excessive amounts of dollars, inflating the money supply, and causing prices to shoot upwards. The cost of gas is not simply affected by the sale of a barrel of oil. The US economy is in the crapper, and it's NOT because of the big bad oil companies who aren't doing anything different than every other business in the world....making profits.