Stepping Off the Gas Posted on September 4th
THE PRICE of crude oil is falling sharply. It closed at less than $110 a barrel yesterday — down almost $38 since its July peak. The slack oil market has translated into direct relief at the pump, with regular gasoline now 19 cents a gallon cheaper than it was a month ago. Great news, right? The U.S. economy can grow faster with less risk of inflation; the potential benefits range from brisker domestic car sales to less pressure on state and local government budgets. So much for those evil speculators driving us all to the poorhouse!
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