Dropping fuel prices good and bad
The drop in gas prices is good news for consumers, but spells trouble for global warming and international stability.
Next week, OPEC will be meeting about the price of oil: down from $147 a barrel last July to $44 today. Meantime, the price of gasoline in the US just might go to a dollar a gallon. That's good news for consumers, but trouble for global warming and international stability.
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?
- Vincent Lauerman: President, Geopolitics Central
- Robert Samuelson: Contributing Editor, "Newsweek" and the "Washington Post"
- John White: Executive Director, Center for Energy Efficiency and Renewable Technology
- Toby Jones: Fellow in the Oil Energy and Middle East Program, Princeton University
- David Kreutzer: Senior Policy Analyst, Heritage Foundation
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