As the U.S. presidential elections approach, the national average price for gasoline has continued to decline, with both GasBuddy and AAA predicting prices could soon fall below $3 per gallon.
On Monday, November 4, the national average for a gallon of gasoline stood at $3.10. This is a three-cent drop from the previous week and a 32-cent decrease from a year ago, according to AAA.
Last week, falling oil prices gave gas prices an additional push downward. The price drop followed market reactions to Israel’s decision not to target Iran’s oil and gas infrastructure. Alongside this, the typical seasonal decrease in fuel demand has kept both gasoline and diesel prices low. GasBuddy reported that diesel prices have not been this low in more than three years.
“While many people may mistakenly blame the upcoming election for these price drops, the truth is that seasonal factors, not politicians, are driving prices lower in the fall,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
He added, “As winter-grade gasoline becomes available in California and demand continues to fall with the colder weather, the drop in gas prices is mainly due to reduced demand — not political influence, no matter what the candidates might claim. I expect prices to keep dropping through and possibly beyond the election.”
Currently, around 20 states have gas prices under $3 per gallon. Texas is seeing the lowest prices at $2.63 per gallon as of Monday, while California remains the most expensive state, with prices reaching $4.55 per gallon.
Most analysts believe that the presidential elections will have little effect on gas prices. Seasonal changes in demand are seen as the primary factor, despite Americans often associating gas prices with the overall health of the economy.
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