According to AAA, the national average for a gallon of gas has dipped to $3.13, down 5 cents from last week, 9 cents from last month, and 37 cents from this time last year. Currently, 20 states have averaged below $3 per gallon, with New Mexico at $3 and Texas offering the lowest rate at $2.67. California, however, tops the nation with an average of $4.60. The fuel drop comes less than two weeks before the presidential election, yet political experts caution that this price relief may not boost Vice President Kamala Harris and the current administration as much as expected.
Patrick De Haan, head of petroleum analysis at GasBuddy, sees potential for prices to drop below $3 per gallon nationwide, supported by diesel prices reaching their lowest levels in three years. Several factors contribute to this decline, including the seasonal switch to winter-blend gasoline, which is less costly to produce, alongside reduced driving as colder weather sets in. The Energy Information Administration (EIA) reports that Americans used around 8.8 million barrels of gas in the week ending October 18, nearly 800,000 barrels less than just two weeks prior.
Global oil prices have also trended downward, partly influenced by recent stability in Iranian energy facilities despite geopolitical tensions in the Middle East. The crude oil market has yet to react significantly to political events, keeping prices near a two-year low.
As for the political landscape, analysts explain that the upcoming presidential election will likely have a minimal effect on current gas price trends. Seasonal adjustments play a far more substantial role, and gas prices are expected to continue falling through the election period. Although voters often view gas prices as an indicator of the economy, the Washington Post notes that concerns over housing, food, and utility costs are weighing more heavily on voter priorities during this election cycle.
Meanwhile, former president Trump has pointed to rising inflation in his campaign and claims he can lower fuel costs significantly, though specifics remain unclear. Harris and the Biden administration have highlighted the country’s record domestic oil production while advocating for energy alternatives to reduce reliance on foreign oil.
