The Price of Gasoline: Good News and Bad

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Since the high of $147 a barrel in July, the price of oil has dropped like a stone, to about $45 a barrel. The Automobile Association of America says gasoline prices have dropped in the US for the eighty-second day in a row, to an average of $1.70 a gallon. Worldwide, the price of oil is dropping so fast that dollar-a-gallon gasoline is possible sometime next year. That sounds like good news, but it's the product of a global recession, which the World Bank is now calling the worst since the Great Depression. Would Americans jump back into gas-guzzling SUV's? What about energy independence and alternative fuels? Should gasoline taxes be increased to combat global warming and promote international stability?




Warren Olney