If it makes any difference, I know of flight schools who have made a habit of dropping prices to follow the gas trend.
I do, however, think that there's more to consider than gas. Yes, the cost of gas is going down. As I mentioned, I know of flight schools who have dropped costs as a result of fuel prices, but those drops were based on fuel alone, ceteris paribus.
In this case, the fuel price isn't the only drastic variable. Now, the economy is in the tank which creates another major factor. The flight schools probably won't bring in as many flights because people are going to have to cut back a bit due to the economic situation. That means they probably won't drop the prices relative to the gas prices alone, as it would be slightly irresponsible. If they could prove that the drop might bring out the pilots who couldn't otherwise fly, it might be worth it, but it's a risk I'm sure only the larger flight schools might take.