In the current state of economic turmoil, the drop in gasoline prices from last summer’s peak has helped console some of our other financial qualms. In the past six months, the price of a gallon of good old-fashioned fuel dropped to a level reminiscent of the ’90s — phew. I wouldn’t want to be forced to find a way to campus that doesn’t involve natural resources.

So, with the national average back under $2 a gallon we can rest assured that our four-wheeled friends will once again be able to drink oceans of foreign fuel for affordable prices. Also, with our new president we should be able to embrace our rejuvenated American identity and regain our absurd levels of consumption, because consuming is what we do best.

Despite this new wave of political optimism, our economy still sucks. And low gas prices suck too. When the price per gallon was soaring above $4, people were actually concerned about dependence on foreign oil because it had a direct effect on their wallet. I watched relatives and roommates tune up their bicycles and talk about selling the gas-guzzling SUV. I hesitate to reference the father of modern economics, Adam Smith, but in an economy with individuals acting in their own best interests, an invisible hand could be seen consolidating our wasteful practices into more efficient lifestyles.

The current surplus of gasoline provides us with an opportunity to capitalize, literally, on its low price. What if we could attain all the environmental benefits we saw with high gas prices, but not deposit that money into Exxon’s revenue stream? Ladies and gentlemen, I present the Pigovian tax — a tax that would help cover the larger social costs of gasoline consumption, including environmental degradation. At first glance, a tax on gasoline sounds politically dangerous, but it makes too much economic sense to ignore.

We all found that we can survive, albeit desperately, with gas prices above $4. In 2007, we consumed about 140 billion gallons of gasoline. Imagine what a dollar tax on each gallon could do for our economy. Economists speculate that a gas tax could help to mitigate pollution, reduce traffic, reel in the federal budget deficit and stimulate economic growth.

The good news: There’s a feasible way to improve our environmental and social welfare while lessening our demand on foreign oil. The bad news: Have you ever tried biking up South Hill? In the words of Harvard economist Greg Mankiw don’t expect political action, “until the American people recognize that while higher gas taxes are unattractive, the alternatives are even worse.”