Gasoline Prices Set to Drop Below $3 a Gallon, Boosting Democrats Ahead of Presidential Election
By Shariq Khan
Analysts predict that U.S. motorists will soon see gasoline prices dip below $3 a gallon for the first time in over three years, just in time for November’s presidential election. This drop in prices, driven by weaker fuel demand and sliding oil prices, will bring relief to consumers facing record high fuel costs that have fueled inflation. Additionally, it could help Vice President Kamala Harris and other Democrats counter criticism from Republicans regarding rising gas prices.
As of Wednesday, the national average price for regular gasoline was $3.25 a gallon, down 19 cents from last month and 58 cents from a year ago. Experts anticipate that the average price will fall below $3 a gallon by late October, with the end of the summer driving season and the switch to cheaper winter-grade fuel by retailers. In fact, some states like North Carolina already have pump prices below $3.
Studies show that U.S. presidential approval ratings are closely linked to gasoline prices, with falling prices likely to benefit Democrats in the upcoming election cycle. While presidents have limited influence on gas prices, the current drop is driven by weaker demand, especially in the U.S. and China, leading to a decrease in global oil prices.
However, the impact of Hurricane Francine on the U.S. offshore oil patch could disrupt production and push oil prices higher. Despite this, the overall supply of oil has been stronger this year, helping to lower pump prices due to increased refinery output.
Lower gasoline prices are expected to have a significant impact on swing states that play a crucial role in determining the election outcome. Additionally, diesel prices, an important indicator of economic health, are also on a downward trend due to weak demand and higher supply.
Overall, the reduction in fuel prices is likely to benefit the next President and lead to a decrease in consumer prices and inflation, providing relief to American households.