Oily Lining

Because I'm such a fan of Eric Idle, I strive always to look on the bright side of life (doo doo, doo doo doo doo doo doo); thus I chortle mirthfully at the following news:

The average price of a gallon of gasoline in the United States recorded its largest drop ever as consumer demand continued to wane and oil prices slid, a prominent industry analyst said on Sunday.

And joy of joys, the price of food and ultimately inflation is going down with it as well. While the credit crunch is reducing wealth creation all over the world--an unqualified bad thing--it does seem to be having the positive effect of constraining demand and reducing the price of some basic commodities that are especially dear to the poor. What's more, inflation's slowing allows central banks more freedom with monetary policy to encourage the creation of credit and prevent a deep recession.