The 2 is back. Last week, U.S. retail gasoline prices fell below $3 a gallon — to an average of $2.91 — the lowest level in almost a year. Why does this news leave me with mixed feelings?
Because in the middle of this wrenching economic crisis, with unemployment rising and 401(k)’s shrinking, it would be a real source of relief for many Americans to get a break at the pump. Today’s declining gasoline prices act like a tax cut for consumers and can save $15 to $20 a tank-full for an S.U.V.-driving family, compared with when gasoline was $4.11 a gallon in July.