Does this mean our economy is tanking again?? According to Obama it is! Gee, I hope it doesn't go any lower!!!!!! Today gas in town is down to 3.54! It hasn't been that low in it seems FOREVER. But, it IS election season! Lol! I'm sure this won't last and our economy will be much better for it! (sarcasm off) Obama's Brutal Gaffe: Low Gas Prices Cratered Our Economy He said when I took office, the price of gasoline was $1.80, $1.86. Why is that? Because the economy was on the verge of collapse, because we were about to go through the worst recession since the Great Depression, as a consequence of some of the same policies that Governor Romney's now promoting. So, it's conceivable that Governor Romney could bring down gas prices because with his policies, we might be back in that same mess. In other words, bringing down gas prices by drilling creates economic recession. That was Obamas argument. Does anyone think this president understands basic economics?