Gasoline prices in the US are set to fall below $3 before Election Day

The national average gas price will drop below $3 a gallon by the end of October ahead of the presidential election in early November, analysts say.

The end of the summer season, lower international crude oil prices and gas stations starting to sell cheaper winter gasoline are all poised to combine and lower pump prices for the American consumer, possibly weeks before the presidential election.

The national average price on Thursday, Sept. 12, was $3.242 per gallon, according to data data from AAA. That’s $0.20 per gallon lower than a month ago and $0.60 lower than this time last year.

Analysts expect further declines, with off-peak demand falling and a drop below $3 of the national average – which would be a first for more than three years – sometime in October.

A dozen US states already have gas prices under $3 a gallon, and they include North Carolinaconsidered a swing state in the 2024 presidential race. The price in two other swing states, Georgia and Wisconsin, averaged about $3.02 on Thursday, according to AAA data, meaning they will very soon join the price club of gas under $3.

Given that the president’s polls are inversely related to gas price trends, falling gas prices could be a boost for Democratic presidential candidate Kamala Harris.

“Americans will certainly remember the price they see when they drive to the polls, so this is certainly good news for Harris in her campaign for president against Republican Donald Trump,” said Patrick De Haan, head of analysis oil at GasBuddy. Reuters.

Earlier this week, De Haan he wrote the average price of gasoline has fallen for six consecutive weeks.

“We expect the national average to drop below $3 a gallon as early as October for the first time since 2021, which would be music to the ears of drivers and certainly to politicians looking to get elected this fall,” added De Haan .

By Michael Kern for Oilprice.com

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