Bailout (and Buildup)

By THOMAS L. FRIEDMAN
Published October 21, 2008

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.

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Thomas Friedman is the "Foreign Affairs" columnist for The New York Times. Below are links to articles and other content on their site (registration required).

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Other items of interest:

Read the Wired article on Hot, Flat, and Crowded.
Read "The First Law of Petropolitics" from Foreign Policy (May/June 2006)
Visit "Tom's Journal" on The NewsHour with Jim Lehrer
Listen to Tom interviewed by Nayan Chanda for YaleGlobal, 30 January 2003.
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