diff --git a/Lib/test/test_itertools.py b/Lib/test/test_itertools.py
index 9d19228..e65bba7 100644
--- a/Lib/test/test_itertools.py
+++ b/Lib/test/test_itertools.py
@@ -253,6 +253,28 @@
         ids = map(id, list(izip_longest('abc', 'def')))
         self.assertEqual(len(dict.fromkeys(ids)), len(ids))
 
+    def test_product(self):
+        for args, result in [
+            ([], []),                       # zero iterables   ??? is this correct
+            (['ab'], [('a',), ('b',)]),     # one iterable
+            ([range(2), range(3)], [(0,0), (0,1), (0,2), (1,0), (1,1), (1,2)]),     # two iterables
+            ([range(0), range(2), range(3)], []),           # first iterable with zero length
+            ([range(2), range(0), range(3)], []),           # middle iterable with zero length
+            ([range(2), range(3), range(0)], []),           # last iterable with zero length
+            ]:
+            self.assertEqual(list(product(*args)), result)
+        self.assertEqual(len(list(product(*[range(7)]*6))), 7**6)
+        self.assertRaises(TypeError, product, range(6), None)
+        argtypes = ['', 'abc', '', xrange(0), xrange(4), dict(a=1, b=2, c=3),
+                    set('abcdefg'), range(11), tuple(range(13))]
+        for i in range(100):
+            args = [random.choice(argtypes) for j in range(random.randrange(5))]
+            n = reduce(operator.mul, map(len, args), 1) if args else 0
+            self.assertEqual(len(list(product(*args))), n)
+            args = map(iter, args)
+            self.assertEqual(len(list(product(*args))), n)
+
+
     def test_repeat(self):
         self.assertEqual(zip(xrange(3),repeat('a')),
                          [(0, 'a'), (1, 'a'), (2, 'a')])
@@ -623,6 +645,12 @@
             self.assertRaises(TypeError, list, chain(N(s)))
             self.assertRaises(ZeroDivisionError, list, chain(E(s)))
 
+    def test_product(self):
+        for s in ("123", "", range(1000), ('do', 1.2), xrange(2000,2200,5)):
+            self.assertRaises(TypeError, product, X(s))
+            self.assertRaises(TypeError, product, N(s))
+            self.assertRaises(ZeroDivisionError, product, E(s))
+
     def test_cycle(self):
         for s in ("123", "", range(1000), ('do', 1.2), xrange(2000,2200,5)):
             for g in (G, I, Ig, S, L, R):
diff --git a/Modules/itertoolsmodule.c b/Modules/itertoolsmodule.c
index 430313e..8929309 100644
--- a/Modules/itertoolsmodule.c
+++ b/Modules/itertoolsmodule.c
@@ -1741,6 +1741,216 @@
 };
 
 
+/* product object ************************************************************/
+
+typedef struct {
+	PyObject_HEAD
+	PyObject *pools;		/* tuple of pool tuples */
+	Py_ssize_t *maxvec;
+	Py_ssize_t *indices;
+	PyObject *result;
+	int stopped;
+} productobject;
+
+static PyTypeObject product_type;
+
+static PyObject *
+product_new(PyTypeObject *type, PyObject *args, PyObject *kwds)
+{
+	productobject *lz;
+	Py_ssize_t npools;
+	PyObject *pools = NULL;
+	Py_ssize_t *maxvec = NULL;
+	Py_ssize_t *indices = NULL;
+	Py_ssize_t i;
+
+	if (type == &product_type && !_PyArg_NoKeywords("product()", kwds))
+		return NULL;
+
+	assert(PyTuple_Check(args));
+	npools = PyTuple_GET_SIZE(args);
+
+	maxvec = PyMem_Malloc(npools * sizeof(Py_ssize_t));
+	indices = PyMem_Malloc(npools * sizeof(Py_ssize_t));
+	if (maxvec == NULL || indices == NULL) {
+    		PyErr_NoMemory();
+		goto error;
+	}
+
+	pools = PyTuple_New(npools);
+	if (pools == NULL)
+		goto error;
+
+	for (i=0; i < npools; ++i) {
+		PyObject *item = PyTuple_GET_ITEM(args, i);
+		PyObject *pool = PySequence_Tuple(item);
+		if (pool == NULL)
+			goto error;
+
+		PyTuple_SET_ITEM(pools, i, pool);
+		maxvec[i] = PyTuple_GET_SIZE(pool);
+		indices[i] = 0;
+	}
+
+	/* create productobject structure */
+	lz = (productobject *)type->tp_alloc(type, 0);
+	if (lz == NULL) {
+		Py_DECREF(pools);
+		return NULL;
+	}
+
+	lz->pools = pools;
+	lz->maxvec = maxvec;
+	lz->indices = indices;
+	lz->result = NULL;
+	lz->stopped = 0;
+
+	return (PyObject *)lz;
+
+error:
+	if (maxvec != NULL)
+		PyMem_Free(maxvec);
+	if (indices != NULL)
+		PyMem_Free(indices);
+	Py_XDECREF(pools);
+	return NULL;
+}
+
+static void
+product_dealloc(productobject *lz)
+{
+	PyObject_GC_UnTrack(lz);
+	Py_XDECREF(lz->pools);
+	Py_XDECREF(lz->result);
+	PyMem_Free(lz->maxvec);
+	PyMem_Free(lz->indices);
+	Py_TYPE(lz)->tp_free(lz);
+}
+
+static int
+product_traverse(productobject *lz, visitproc visit, void *arg)
+{
+	Py_VISIT(lz->pools);
+	Py_VISIT(lz->result);
+	return 0;
+}
+
+static PyObject *
+product_next(productobject *lz)
+{
+	PyObject *pool;
+	PyObject *elem;
+	PyObject *tuple_result;
+	PyObject *pools = lz->pools;
+	PyObject *result = lz->result;
+	Py_ssize_t npools = PyTuple_GET_SIZE(pools);
+	Py_ssize_t i;
+
+	if (lz->stopped)
+		return NULL;
+	if (result == NULL) {
+		if (npools == 0)
+			goto empty;
+		result = PyList_New(npools);
+		if (result == NULL)
+            		goto empty;
+		lz->result = result;
+		for (i=0; i < npools; i++) {
+			pool = PyTuple_GET_ITEM(pools, i);
+			if (PyTuple_GET_SIZE(pool) == 0)
+				goto empty;
+    			elem = PyTuple_GET_ITEM(pool, 0);
+    			Py_INCREF(elem);
+    			PyList_SET_ITEM(result, i, elem);
+		}
+	} else {
+		Py_ssize_t *indices = lz->indices;
+		Py_ssize_t *maxvec = lz->maxvec;
+		for (i=npools-1 ; i >= 0 ; i--) {
+			pool = PyTuple_GET_ITEM(pools, i);
+			indices[i]++;
+			if (indices[i] == maxvec[i]) {
+				indices[i] = 0;
+				elem = PyTuple_GET_ITEM(pool, 0);
+				Py_INCREF(elem);
+				PyList_SetItem(result, i, elem);
+			} else {
+				elem = PyTuple_GET_ITEM(pool, indices[i]);
+				Py_INCREF(elem);
+				PyList_SetItem(result, i, elem);
+				break;
+			}
+		}
+		if (i < 0)
+			return NULL;
+	}
+
+	tuple_result = PySequence_Tuple(result);
+	if (tuple_result == NULL)
+		lz->stopped = 1;
+	return tuple_result;
+
+empty:
+	lz->stopped = 1;
+	return NULL;
+}
+
+PyDoc_STRVAR(product_doc,
+"product(*iterables) --> product object\n\
+\n\
+Cartesian product of input interables.  Equivalent to nested for-loops.\n\n\
+For example, product(A, B) returns the same as:  ((x,y) for x in A for y in B).\n\
+The leftmost iterators are in the outermost for-loop, so the output tuples\n\
+cycle in a manner similar to an odometer (with the rightmost element changing\n\
+on every iteration).\n\n\
+product('ab', range(3)) --> ('a',0) ('a',1) ('a',2) ('b',0) ('b',1) ('b',2)\n\
+product((0,1), (0,1), (0,1)) --> (0,0,0) (0,0,1) (0,1,0) (0,1,1) (1,0,0) ...");
+
+static PyTypeObject product_type = {
+	PyVarObject_HEAD_INIT(NULL, 0)
+	"itertools.product",		/* tp_name */
+	sizeof(productobject),	/* tp_basicsize */
+	0,				/* tp_itemsize */
+	/* methods */
+	(destructor)product_dealloc,	/* tp_dealloc */
+	0,				/* tp_print */
+	0,				/* tp_getattr */
+	0,				/* tp_setattr */
+	0,				/* tp_compare */
+	0,				/* tp_repr */
+	0,				/* tp_as_number */
+	0,				/* tp_as_sequence */
+	0,				/* tp_as_mapping */
+	0,				/* tp_hash */
+	0,				/* tp_call */
+	0,				/* tp_str */
+	PyObject_GenericGetAttr,	/* tp_getattro */
+	0,				/* tp_setattro */
+	0,				/* tp_as_buffer */
+	Py_TPFLAGS_DEFAULT | Py_TPFLAGS_HAVE_GC |
+		Py_TPFLAGS_BASETYPE,	/* tp_flags */
+	product_doc,			/* tp_doc */
+	(traverseproc)product_traverse,	/* tp_traverse */
+	0,				/* tp_clear */
+	0,				/* tp_richcompare */
+	0,				/* tp_weaklistoffset */
+	PyObject_SelfIter,		/* tp_iter */
+	(iternextfunc)product_next,	/* tp_iternext */
+	0,				/* tp_methods */
+	0,				/* tp_members */
+	0,				/* tp_getset */
+	0,				/* tp_base */
+	0,				/* tp_dict */
+	0,				/* tp_descr_get */
+	0,				/* tp_descr_set */
+	0,				/* tp_dictoffset */
+	0,				/* tp_init */
+	0,				/* tp_alloc */
+	product_new,			/* tp_new */
+	PyObject_GC_Del,		/* tp_free */
+};
+
+
 /* ifilter object ************************************************************/
 
 typedef struct {
@@ -2796,7 +3006,8 @@
 		&ifilterfalse_type,
 		&count_type,
 		&izip_type,
-		&iziplongest_type,                
+		&iziplongest_type,
+		&product_type,          
 		&repeat_type,
 		&groupby_type,
 		NULL