20 States See Gasoline Prices Fall Below $3 Ahead of Presidential Elections
By Charles Kennedy - Nov 04, 2024
![]()
A day before the presidential elections, U.S. national average prices per gallon at the pump have continued to fall, with both GasBuddy and AAA predicting a drop to under $3 “soon”.
On Monday, November 4, the national average price for a gallon of gasoline was $3.10, or three cents lower than a week ago and 32 cents lower than a year ago, according to AAA.
Last week, gasoline prices were given a further downward push by plummeting oil prices as a result of the market response to Israel’s decision to avoid targeting Iran’s oil and gas infrastructure. This combined with a regular decline in prices due to lowering seasonal demand, which is on track for this time of year, has kept both gasoline and diesel prices lower, with Gasbuddy noting that diesel “has not fallen to its lowest level in over three years”.
“While many Americans may incorrectly credit the upcoming election for the declines, politicians have little influence over the strong seasonal forces that drive prices lower in autumn,” Patrick De Haan, head of petroleum analysis at GasBuddy, said last week.
“With winter gasoline soon to reach the rest of California, and demand continuing to decline as Americans grapple with colder weather, the drop in demand is pushing gas prices down — not politicians on either side, as much as they might like to think they do. I expect the decline in gas prices will continue into and even beyond the upcoming election.”
Some 20 U.S. states are now enjoying gas prices under $3 per gallon, with the lowest prices in Texas, at $2.63 per gallon as of Monday. California continues to suffer the highest prices, at $4.548 per gallon.
Analysts largely believe that the presidential elections will have minimal impact on gas prices, with seasonal adjustments the main driver, despite the fact that American voters tend to perceive gas prices as a direct indicator of the health of the economy.
By Charles Kennedy for Oilprice.com
A day before the presidential elections, U.S. national average prices per gallon at the pump have continued to fall, with both GasBuddy and AAA predicting a drop to under $3 “soon”.
On Monday, November 4, the national average price for a gallon of gasoline was $3.10, or three cents lower than a week ago and 32 cents lower than a year ago, according to AAA.
Last week, gasoline prices were given a further downward push by plummeting oil prices as a result of the market response to Israel’s decision to avoid targeting Iran’s oil and gas infrastructure. This combined with a regular decline in prices due to lowering seasonal demand, which is on track for this time of year, has kept both gasoline and diesel prices lower, with Gasbuddy noting that diesel “has not fallen to its lowest level in over three years”.
“While many Americans may incorrectly credit the upcoming election for the declines, politicians have little influence over the strong seasonal forces that drive prices lower in autumn,” Patrick De Haan, head of petroleum analysis at GasBuddy, said last week.
“With winter gasoline soon to reach the rest of California, and demand continuing to decline as Americans grapple with colder weather, the drop in demand is pushing gas prices down — not politicians on either side, as much as they might like to think they do. I expect the decline in gas prices will continue into and even beyond the upcoming election.”
Some 20 U.S. states are now enjoying gas prices under $3 per gallon, with the lowest prices in Texas, at $2.63 per gallon as of Monday. California continues to suffer the highest prices, at $4.548 per gallon.
Analysts largely believe that the presidential elections will have minimal impact on gas prices, with seasonal adjustments the main driver, despite the fact that American voters tend to perceive gas prices as a direct indicator of the health of the economy.
By Charles Kennedy for Oilprice.com
No comments:
Post a Comment