Would lower inflation due to lower gas prices be a bad thing though, except for a few industries? If anything, more industries will be able to pass through more of their cost as their spending on transportation would go down.
The difficulty would be if it led to general deflation thruout the economy and not lower inflation. Deflation can lead to a vicious circle that kills employment as people put off purchases because the money they can save by deferring until later is worth more to them than the gratification of owning something now rather than later.
Since the economy is improving and taking into account what the Fed has already done, I think that is highly unlikely. Lower gas prices will help many people who have not been sharing in the recovery, and will finally be able to make a few discretionary purchases they have been putting off for forever.
