The reason oil (and by extension gas) was so expensive because of economies like in China and India where they used gas for manufacturing. Their economies are slowing so the demand for oil is dropping, thus causing a drop in prices. Also, with respect to the U.S., I read that the U.S. has been able to reduce its dependence on foreign oil. So that's another reason for cheap gas here.

I don't see how cheaper gas is bad for THIS economy. Prices of goods and services should go down. People will have more disposable income. It might hurt the oil companies and their employees in the U.S. a little. But the rest of the country would be better off. People would be more likely to buy cars and to drive more often.