Lessons Of The Gas Pump

Michael Klare

September 29, 2006

Michael T. Klare is a professor of peace and world security studies at Hampshire College in Amherst, Massachusetts and the author of Blood and Oil: The Dangers and Consequences of America's Growing Dependency on Imported Petroleum . This piece originally appeared in TomDispatch.

What the hell is going on here? Just six weeks ago, gasoline prices at the pump were hovering at the $3 per gallon mark; today, they're inching down toward $2—and some analysts predict even lower numbers before the November elections. The sharp drop in gas prices has been good news for consumers, who now have more money in their pockets to spend on food and other necessities—and for President Bush, who has witnessed a sudden lift in his approval ratings.